9 Most Affordable Areas To Buy a Property in Malta
When we talk about affordability and property, it is of course all relevant to the amount of money you have and how much you want to spend. For someone who is incredibly wealthy, a million euro penthouse in Sliema may be a bargain and thus very affordable and for others on a tighter budget, a two bedroomed apartment in Zurrieq at €180,000 is their version of affordable.
Generally speaking the popular and central areas of Malta such as Sliema, St. Julian’s are considered to be expensive and out of most first-time buyers’ reach. The odd bargain property may still be found in this area but consider yourself lucky if you find one as they are as rare as hen’s teeth! There is a caveat however, as with affordable properties another factor comes into play: if they are in better areas and affordable, there will most likely be a reason for it. The property may need to be internally gutted and upgraded to make it liveable which is expensive, so you are back to square one with finances. Most of us do not want the hassles of renovating and upgrading: we want to get a stressful move over and done with and just carry on with our lives, so a property that is move-in ready and that one can afford, is what most people prefer.
Here are the popular areas for budget-conscious property buyers and what you will get for your buck:
The cheapest apartment we found was one for €159,000 which has one bedroom, is situated on the first floor and part of an older block. It has an open-plan living area, shower room and bedroom with a back balcony. This will make an excellent short-term rental investment and is ideal for first-time buyers. At 45m2 it proves to be too small for a family to live in long-term, so this is perfect for singles, newly-weds or those wanting to own a property that caters to the tourism market.
Here we found a shell apartment for €120,000. It is close to a college and thus ideal for rental to students. Slightly bigger at 53.6m2 this apartment needs to be finished, so one can add another €20,000 to the purchase price and then there is the waiting period to get it all done.
3. The Three Cities
In Cospicua, which is a harbour city in the Three Cities, we found a ground floor duplex maisonette for €120,000 within walking distance to all the attractions of the area. At only 40m2, this is for a single person or to be let out as tourist accommodation, but the property needs renovation. In its favour is that it ticks all the boxes for a traditional Maltese property which could count in its favour.
4. St. Paul’s Bay
Offering more value for money, we came across a furnished apartment for €85,000! Clocking in at 90m2 and offering the possibility of splitting it into a two-bedroom apartment, this one is promising as an investment property as it is also close to all the action. Some work needs to be done in order to bring it up to spec, but as we can see the area is further away from central Malta and therefore you get more value for money.
For €185,000, we found a large one bedroom maisonette situated in a desirable and quiet residential part of Mgarr. It also has its own private back yard and comes finished excluding doors and bathrooms, which will add somewhat to the purchase price. The apartment is a spacious 95m2, big enough for permanent living for a family.
In Marsaxlokk, you can buy a shell apartment for €185,000 and coming in at 86m2 in size. It offers open-plan living and two bedrooms and is situated close to all the main attractions of the area. Once again it will add to the purchase price to have it finished in order to live there.
We found a furnished maisonette for €95,000 and it will be ideal to rent out or as a weekend getaway property, being close to all the action. With only one bedroom this property is suitable for a single person or young couple if permanent occupancy is to be considered.
In popular Xlendi, we found a shell apartment for €97,000. With one bedroom and open-space living it is a good holiday property and can make some money if let out short-term. Its location close to the beach and restaurants will guarantee occupancy, but it needs additional money to be spent in order to complete it as move-in ready.
As we can see from the examples above, prices have gone up all over Malta and Gozo in recent years, but as they say in the trade, “The best time to buy is now” as it is all relevant. In a few short months all these properties will cost even more and the longer buyers wait, the less profit they will make in the long run when selling one day. Capital appreciation in Malta is currently around 6% although it has seen years with incredible gains in the past such as in the early 2000’s. For a comprehensive report on the Maltese housing market, read this report of the Central Bank of Malta.
It is important to assess one’s needs when looking for the best value for money property. The further one is prepared to move outside popular areas, the more value you will discover and if a home is for you and your family to live in on a permanent basis, then you will definitely need more space, access to an outside area, easy parking and also for it to be close to or on all major transport routes. The secret to finding that unbelievable (and sound) bargain is to keep your ear on the ground, build a good relationship with a trusted agent and daily scour the market for properties. We guarantee that you will find one that suits your budget and requirements and that it will prove to be a sound investment over the years as well, given that you are informed and make a wise decision when finally purchasing that home.
For a consultation on investments and to check out more selections of high yielding properties, contact any of our branches today or email us at [email protected]