Buying Property in Malta: A Guide for Local Buyers

Description

Purchasing property in Malta can be a detailed and sometimes complex process, especially for first-time buyers. At Belair Property, we provide comprehensive guidance and support through each step of your real estate transaction to make it as smooth as possible. The Promise of Sale Agreement, also known locally as the ‘Konvenju’, is a crucial part of the buying process. This agreement is prepared and signed at a Notary of your choice. It includes all the terms and conditions agreed upon by both the buyer and the seller. Upon signing, a deposit of 10% of the property’s sale price is usually required. This deposit is held by the Notary unless otherwise agreed by both parties. Once the Promise of Sale is signed, the Notary begins conducting property title searches and obtains all necessary documentation to ensure a clear title. During this period, it is also highly recommended to have an architect assess the property’s structural condition and verify that planning permits are in order. This step is important, as the Notary’s responsibility is limited to confirming the legal title, not the physical state or permits of the property. If financing is needed, you should bring a copy of the Promise of Sale to your bank along with any additional documents required. We recommend discussing loan options with a bank before signing, as the Promise of Sale can include a clause stating that the sale is conditional on bank financing approval. Belair Property has established strong relationships with Malta’s leading banks, and we can help connect you with banking partners when needed. Once all documents, searches, and financing are in place, the final deed can be signed. At this stage, funds are exchanged and keys are handed over, completing the property purchase. For properties located in Urban Conservation Areas (UCAs), an exemption applies where no stamp duty is charged on the first €750,000 of the purchase price, and a 5% rate applies to any remaining balance. This incentive encourages buyers to invest in historical and heritage properties in Malta’s urban conservation areas. All rights reserved - Belair Property 2025