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Why South Africans Are Buying A Property in Malta
You’ve decided it’s time to invest your money in something more tangible and significant, like property. Plus, your neighbour is doing so well with renting out his overseas apartment that you decide to move in that direction too. But where do you start?
Well, if current stats are anything to go by, an increasing number of people are investing in Maltese property, mainly South Africans. There’s even an increase in seminars aimed at educating South Africans about the merits of moving to, and investing in Malta.
But, what exactly makes the property market on this island so attractive to South African investors? Read on to find out.
Since Malta is not an emerging economy but a rather stable one, purchasing property here makes for a safer and more reliable investment. Real estate prices in Malta are also highly competitive and reasonable, especially for a country that’s so rich in culture and antiquity. South Africans can expect to pay about 4 to 5 million Rands to purchase a home, which is much less in comparison to buying a home in similar markets.
Since South Africans enjoy warmer weather back home, Malta’s temperatures closely resemble those of the African environment. The average climate is 23⁰C with cooler night temperatures of 17⁰C, which means citizens get to enjoy sunny skies mostly all year long. Aside from the beautiful year-round weather, the Mediterranean culture of Malta makes for a pleasant environment to live in for South Africans.
3. Job security
If you’re looking to invest in property and call Malta home, you’ll be glad to know that the country has a low unemployment rate. Entry-level jobs, as well as more niche-specific jobs, are easy to find. The cost incurred when starting a business in Malta is also considerably low. Wait.
Can you call the island home?
4. The Malta Residency and Visa Program (MRVP) and The Malta Individual Investor Program (MIIP)
These programs were put in place to offer those who invest or buy property on the small island. The plans also provide investors with a chance to reside there as well as offering citizenship to these residents. This offer comes with a residency card that allows you to travel visa-free to all the European countries within the Schengen region. A Malta passport gives you access to all European countries, making it a highly beneficial asset
5. Once you found property, buying is simple
Sourcing and hiring a real estate agent that represents property in Malta would be a great starting point. That way, you can be confident that the property you’re buying is centrally located or has excellent facilities nearby.
Once you’ve settled on a house, all you have to do is:
- Sign an agreement
- Pay a deposit fee of about 10%
- Go through all the legalities
- Sign the final deed
6. Renting your property
While most people who move to Malta opt to buy their own houses instead of renting, your chances of getting someone to rent your home is excellent. Retired couples, other South Africans working in Malta, holidaymakers or surfers often look to rent. So, if you purchase property but don’t choose to live there, you can still gain from your investment.
7. English all-round
The business language in the country is English- yet another pull factor for South Africans. Communicating with locals will be effortless and homely.
8. Sought after property
Property prices in Malta have surged since people from Europe, the United Kingdom, and the Middle East have started investing in and buying property there. There are also different areas of the island to choose from, and this makes Malta the fastest growing property market in the world.
How to structure your investment?
- Attend a seminar about moving to Malta or gain as much information as you can.
- Visit the island to soak up island vibes and get a feel of the place.
- Have all your affairs in order when you contact an agent
- Invest if it proves best!
Tell us your story
Are you looking to promote your business?
South African real estate businesses can create your free business listing on nichemarket. The more information you provide about your business, the easier it will be for your customers to find you online.
Registering with nichemarket is easy; all you will need to do is head over to our sign up form and follow the instructions. If you require a more detailed guide on how to create your profile or your listing, then we highly recommend you check out the following articles.
If you enjoyed this post and have time to spare, why not check out these related posts and dive deeper down the rabbit hole that is homeownership.
- Save Money To Buy A House
- How To Start House Flipping For Profit
- How To Turn Your Home Into A Smart Home
- How To Prepare For A Home Renovation
- A Foreigners Guide to Buying a Thailand Property