5 Common Questions UK Citizens Have When Renting a Property in Malta
The process of renting a property in Malta is fairly straight forward. Anyone can rent, whether they are here for work or leisure, retirement or residency and there are no restrictions. Maltese properties are usually larger than those found elsewhere in Europe. However, many appear to be of age on the outside, especially those found in the outlying towns and villages, you may be well surprised at their updated and modern interiors.
Maltese are extremely house-proud, and this also goes for the properties they rent out. Newly introduced property laws also dictate that properties rented out to anyone, local or foreign, needs to be of high standards and are vetted. Increases in rent are capped at 5% per year and all properties available for rent must be registered with the Malta Housing Authority, the official governing body who keeps an eye on fairness and honesty.
How much is the cost of renting a property in Malta?
Rentals charged are influenced by several factors such as location, length of lease, size, type of property, and whether the property is furnished or not. In Malta, it is very popular to rent out apartments and homes fully furnished, with all fittings and appliances included. There are also unfurnished properties available for rent in all regions. Fees for water and electricity, Internet and television are paid for by the tenant if it is a long-term lease.
Real estate agent’s fees are normally half a month’s rent plus VAT and an additional deposit fee of one month’s rental against breakages and accounts unpaid will be asked for. This deposit will be refunded upon termination of the lease minus any pending costs such as unpaid accounts or breakages, the latter which will be checked against the inventory list compiled and signed off by both parties at the beginning of the lease period.
Where is the best area to stay in Malta?
Popular locations among expats are the cosmopolitan Northern Inner Harbour areas (St. Julian’s, Sliema, Gzira, San Gwann) and the St Paul’s Bay area further up north (St Paul’s Bay, Qawra, Bugibba). However, more and more people are preferring a quieter life and seek out the areas inland and far away from the buzz of the Eastern Seaboard. Some expats opt for the sister island Gozo with its old-world charm, farmhouses, and quaint villages – and its perceived relaxed pace of life. It is also a preferred destination of many retirees.
Depending on your life choices, you can be within walking distance to the beach, shopping centres, casinos and night clubs, cafes and bars or you can be surrounded by quiet countryside and rural charm – the islands offer it all.
What types of properties are available in Malta?
Property types include villas, palazzos, apartments, townhouses, farmhouses, seafront developments, bungalows and houses of character. We have detailed descriptions of all these types of properties HERE.
How can you help me and where do I start?
Should you make use of our services, we will help alleviate the stress and burden of moving countries, setting up a business or even assist with your residency and tax matters through our associates. Ask any of our staff regarding what we can do for you besides finding you the right property in Malta amongst our vast selection in all price ranges and areas. We will arrange any viewings, contracts with landlords and can even accommodate virtual on-site viewings prior to you arriving in Malta for an inspection visit. Many clients even go as far to sign a contract prior to relocating so their property is ready for them when they arrive in Malta.
I heard a property can count towards my residency. Is that true?
One of the most important decisions when you decide to relocate to Malta is taking the property that you are going to rent, into consideration as part of your residency qualification, as it may just qualify! For the Citizenship by Investment Scheme rentals need to be €16,000 p.a. and a commitment to signing a five-year lease. For the Individual Investor Program rentals need to be at least €12,000 p.a. or €10,000 if you rent in the south of Malta or on Gozo.
Moving to a new place doesn’t have to be stressful. Frank Salt’s team is comprised of some of the most experienced real estate agents in Malta. We have helped many UK citizens who wish to find a new home in Malta, whether for business or pleasure. Should you need help with efficient relocation and rental solutions, contact Frank Salt today.