Property For Sale with a €100K Budget

Looking for property in Malta & Gozo with a €100K budget? Here are some insights you need to know.

property under 100k in malta

Is it possible to find property for sale between 100k and 120K?

Finding a property in Malta or Gozo for less than €120,000 requires careful research, strategic planning and a bit of creativity, but it is absolutely possible! With the local thriving real estate market, it’s important to approach the search with a clear strategy and to act quickly once you have found that property for €120,000 or less. We scoured the local market and came across land, plots, offices, airspace, studio apartments, an unconverted house of character, finished and shell apartments and more! Here are some tips and secrets to help you in your quest:

  1. Define Your Criteria

As always when it comes to property, clearly outline your preferences and non-negotiables. Consider factors such as where the property is located, its size and the current condition of the property. Be realistic about your expectations within this modest given budget. For this price, you may have to do some upgrading and renovations, sacrifice on size or be prepared to settle for a location that is not your first choice.

  1. Explore Unknown Areas

Malta has various towns and villages, each with its unique charm and character and the distances to travel are short, not matter where you are. Explore less trendy or touristy areas where property prices might be more affordable and where there may be stock in this price range. These areas might also offer a more authentic Maltese experience.

property under 100k in malta
  1. Engage Local Real Estate Experts to Help

Local agents have valuable insights into the market and access to information you will not find on any website. They also know all the locals and their word-of-mouth connections may just lead to you getting your hands on that bargain property! Share your budget and preferences with them and they will help you find a selection of suitable properties. Many times agents also have access to exclusive listings that is not yet available publicly, for instance where the owners do not want it advertised in mainstream social media or on any websites.

  1. Search Unconventional Online Property Portals:

Besides the usual agency websites, utilise online property portals that list a variety of items for sale besides just property. You will be surprised at what you come across. If you find something of interest here, ask your estate agent to call on your behalf as they know the ropes when it comes to dealing with sellers, no matter how quirky. Set up email alerts to receive notifications about any listings that may match your criteria.

  1. Attend Property Auctions and look for Bank Repossessions

Property auctions can be a goldmine for budget-conscious buyers. Check local auction listings and attend events to bid on properties within your budget. However, be cautious and do thorough research on the property beforehand and your best bet is to ask your estate agent for advice or ask them to attend the auction with you. It must be noted that property auctions are not as popular in Malta as they are for instance in Australia, where it is the preferred way of selling property for many years.

  1. Consider Renovation Projects

Properties that need some measure of renovation will most likely come with a lower price tag. If you are willing to invest time and money into upgrading a property, this could be a cost-effective way to get a home within your budget. Always make sure to get a professional to come and quote you for any work that needs to be done on the property you are interested in before you buy.

  1. Network Locally

Connect with estate agents, locals and expats in Malta. They may have valuable information about properties for sale or be aware of upcoming opportunities. Attend local events, join online forums and engage with the community in the area you are interested in. You will be surprised how many properties are for sale but never advertised and only locals and the estate agent that specialises in the area will be privy to this information. Remember, a huge part of a good estate agent’s success is based on brilliant networking.

property under 100k in malta
  1. Negotiate Effectively

Once you find a property that fits your criteria, don’t hesitate to negotiate on the price. Sellers might be open to lowering the price, especially if the property has been on the market for a while or needs works to be done. This is where the services of a reputable estate agent will be priceless. Estate agents are skilled negotiators and do this for a living, so we suggest strongly that you pair up with an agent when you start the whole searching process for that budget property. Let them work their magic on getting you the best deal.

  1. Be Ready to Act Swiftly

Affordable or bargain properties in popular areas tend to get snapped up quickly. Have your finances in order and be ready to make a swift decision when you find the right property. If, in this case, you are a cash buyer, even better.

  1. Explore Government Schemes and Grants

Malta has several schemes or incentives for first-time homebuyers or those looking for affordable housing. Some programs may provide financial assistance or tax benefits. If you want to know about all the current incentives and schemes, visit the first time buyers guide.

  1. Legal and Financial Due Diligence:

Before finalising any deal, ensure you conduct thorough legal and financial due diligence. Understand the legal process of property acquisition in Malta and consult with professionals if needed as it is quite a complex process. Again, avail yourself of the services of a good estate agent as they will be able to assist and help you through the entire process. In many cases the agent will be able to negotiate and attend meetings with notaries on your behalf if needed.

  1. Consider Looking for that Bargain during the Off-Peak Season

Real estate markets can fluctuate based on the time of year. Consider searching during the off-peak seasons when there might be less competition among buyers and when sellers are more serious. You will also be at an advantage when it is a “buyer’s market”, but if you want to know whether this is currently the situation, have a chat with a knowledgeable professional such as your estate agent. They are always in touch with the current state of the market and have facts and statistics to support this at their fingertips as this is crucial in order for them to be a successful. 

The Last Word

Finding a property in Malta or Gozo for less than €120,000 is becoming challenging but not impossible. If you have lots of free time and are prepared to sift through newspapers and online portals daily, you are likely to find what you are looking for eventually. If you want to make it far easier, think of appointing a property professional to do all the hard work on your behalf. Frank Salt Real Estate has been at the forefront of property in Malta for more than 50 years, assisting buyers, sellers, tenants and landlords with all matters property. Once you have supplied us with the criteria regarding your property of choice, we will find it for you if we do not already have it on our books.

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