Apartments for Sale in Malta
About Apartments for Sale in Malta
Apartments for sale in Malta are the most readily available property type. The choice is endless and can suit any budget, size requirements or location. Apartments can be anything from a small lock-up-and-go studio to a large 7-bedroom apartment in the most spectacular of locations.
Apartments are the most suitable for professionals with busy lifestyles, the international traveler, students or even retirees looking for secure, cluster living and low-maintenance. The typical Maltese apartment will have a layout of two bedrooms in a rectangular layout with living spaces on the front and bedrooms at the back. Family bathrooms are located almost always half-way in-between these two areas while the larger bedroom may have an en-suite. Generally one will find a minimum of two balconies, one from the front leading off the living area and one from the master bedroom at the back.
Traditionally, Maltese apartments are larger than average and have high ceilings, in contrast to their counterparts in other parts of Europe. Space on the small island is at a premium, therefore the norm of building higher and higher apartment blocks are on the increase. Traditionally an apartment block would have been four or five floors, but recent legislation paved the way for many floors to be added to existing blocks and for the construction of high-rise tower blocks in certain areas such as Sliema, St Julians, Gzira and Paola.
Apartments in Malta can be of age or brand new and usually older properties would have seen several upgrades by their owners over the years. The choice of properties available range from bedsitters in areas popular with students, to luxury multi-million euro apartments in areas such as Portomaso. The choice is endless and only curtailed by one’s budget.
Luxury apartments located on or near the beach and promenades are favoured by affluent locals and international buyers alike, as it is usually close to popular shopping areas and restaurants and idyllic for supporters of Café society culture.
Rentals in Malta have soared over the past years. The demand for more apartments in the rental pool seems unquenchable, with demand outstripping supply in the medium to upper medium rentals market. Many speculators and investors have seen their rental portfolios outperform any other type of investment, as interest rates are low and financing a second or even third property and then renting it out, seems to pay for itself.
The influx of foreign nationals coming to work in Malta has added to the demand. Contract workers in the field of finance, I-Gaming, the IT industry and thousands of students that attend the many international language schools here during the summer, are always on the lookout for apartments in central locations.
Apartments for sale or rent in Malta and Gozo is a booming business, with Gozo being hugely popular among holidaymakers, retirees and adventure seekers. Gozo is also the first choice for those preferring a slower pace of life and offers more value for money than Malta. Many Maltese locals have holiday apartments in villages such as Marsalforn, Xlendi and Mgarr, to which they escape on the weekends to recharge, reset and relax.
Foreign nationals from countries that are not part of the EU are required to apply for an AIP permit when purchasing a property outside Designated Areas and this applies to apartments as well. It is a straight-forward process and may take a slight bit longer, but everyone agrees: having an apartment in Malta is so worth it!