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Is there still such as thing as affordable apartments in Malta? Yes! Read our quick guide.
Key Strategies to Apply
Explore Places Available Beyond the Tourist Hubs: While popular areas like St Julian’s, Sliema and Valletta are pricier, consider exploring towns like Mosta, Qawra, and Marsascala or even Gozo for more affordable options. Everyone wants to be close to the action and in the centre of it all, but this causes demand in these sought-after areas to go up and along with it, apartment prices! If you are on a budget, look further away.
Leverage Online Resources: Utilise online property portals to compare prices, locations and amenities or use a reputable estate agency’s website for the most up-to-date listings. You cannot always rely on the fact that public forums and websites are up to date, whereas a good real estate company will update their listing on a daily basis, making sure that what you find as listed is available for purchase or rent.
Consider Shared Accommodation: Sharing an apartment with others can significantly reduce rental costs, especially for students or young professionals who do not mind giving up a measure of privacy and convenience.
Negotiate Long-Term Leases: Landlords might offer discounts for longer-term commitments, so don’t hesitate to negotiate. If you are dealing with a rentals agent who is doing this on your behalf, remind the agent to ask the landlord if they are open to discussing a favourable long-term rental rate.
Tap into Local Networks: Ask friends, family or colleagues for recommendations and also look at community notice boards.
Be Flexible with Timing: Starting to rent during the off-peak season can result in better deals as the demand is generally lower.
Keep your ear on the ground: Sometimes the best leads come from the most unexpected places or people. Do not be shy to ask around and listen attentively wherever you go.
Prices to Expect
The price you will pay whether you rent or purchase will all depend on the area, the location and the size of the property, what the amenities are and more. We have a broad outline of the prices you can expect to pay for the following:
Rental Prices:
- Studio Apartment: €500-€800 per month
- One-Bedroom Apartment: €700-€1200 per month
- Two-Bedroom Apartment: €1000-€1500 per month
Purchase Prices:
- Studio Apartment: €150,000-€250,000
- One-Bedroom Apartment: €200,000-€350,000
- Two-Bedroom Apartment: €300,000-€500,000
What to Expect from Budget-Friendly Apartments
Basic Amenities: While you might not find the best of luxurious features, expect essential amenities and a comfortable living space.
Smaller Spaces: Budget-friendly apartments tend to be smaller in size, so prioritise efficiency and organisation otherwise it will become disorganised and full of clutter very quickly.
Location: While you might be slightly further from the main tourist attractions, Malta’s compact size makes it easy to get around and all those sought-after attractions will be a short ride away. Gozo also tends to be less expensive than Malta and if you are happy to commute on a daily basis to Malta for work, you can save a lot of money.
Utility Costs: Be aware of utility costs, as some landlords may include them in the rent while others might charge separately. Just remember the plus with smaller spaces are that they cost less to heat or cool down and tenants who occupy smaller spaces generally consume less electricity.
Frank Salt Real Estate has representation across the nation and has assisted buyers, sellers, landlords and tenants for more than 55 years. We have the country’s largest database of properties for sale and for rent and we are sure to have something that will suit your budget, no matter how modest. Give one of you offices a call and we will find you a property to rent that will suit your needs.
