Buying Property in Malta

Whether you are buying your first home, acquiring a holiday residence, planning to retire in a new home or purchasing property for investment purposes, Maltamyhome is here to help and guide you through the whole purchasing process. When you have made the decision to purchase property in Malta our friendly and professional consultants will build a portfolio of properties which match your requirements. Once we have found you, your ideal property the process is very straightforward.

We will initially agree upon a price and payment terms. A Promise of Sale Agreement is then drawn up between the parties, binding the vendor to sell and the purchaser to acquire the property on terms and conditions agreed upon. When signing the promise of sale a deposit of 10%, which is part of the purchase price, is usually entrusted with the notary, estate agency or legal advisor. This agreement is usually valid for three months in which the notary undertakes researches on the property in order to ensure legal title of the property*. Once all researches have proven satisfactory, and both the buyer and seller honour the conditions found in the promise of sale, the final contract is signed and the remaining balance on the purchase price is paid to the vendor.

Expenses incurred on the final signing of the contract are 5% stamp duty and 1% notary fees. Non-eu citizens require an AIP (Acquisition of Immovable Property) Permit. This is acquired from the Ministry of Finance against a fee of €233. In accordance with a Quality Service Charter, the Ministry is committed to issue the requested permit within 35 days subject to the validity of the application submitted. The Permit must be presented at the final signing of the contract.

Foreign nationals who are not EU citizens are allowed to own only one residence in Malta, with the exception of properties situated in Special Designated Areas. These include the Portomaso Development Complex, Tigne’ Development, Cottonera Waterfront and Fort Chamrbay where one can purchase an unlimited number of units. Foreigners, except for foreign EU citizens settling in Malta on a permanent basis, are subject to a threshold to their purchase price. The purchase price of the property must not be less than €92,000 in the case of a flat or maisonette and €154,000 in the case of any other immovable property.

For further information or to request an appointment, please refer to our Contacts page.

*The length of this period can be negotiated, depending on the circumstances.