The Maltese Islands are just 28 miles across by 8 miles wide with the main island being 17 miles across. The population is a mere 420,000. However, within these islands there is a very complex real estate market and a very busy market indeed with some 12,000 residential property contracts signed in 2011! This for an island the size of Malta is a lot of property sales.
The Maltese love to invest in property. That is a fact. Young couples always try to own their first home and families very often help them to achieve this. Anyone with money to invest trusts real estate more than anything else. The residential rental market is driven by foreign demand, mainly foreigners working in Malta or taking up residence for tax or recreational reasons and the rental market is currently booming. Due to the entrepreneurial local business community and also due to a number of incentives being offered to foreign companies, the commercial sector of the market is also doing extremely well.
Different localities offer different opportunities. Depending on the type of property being sought after, certain towns could be more popular than others for a variety of reasons and this could also depend of course on one’s specific requirements. Within individual towns on the other hand, property values, popularity, styles and so on can change drastically from one street to the next. Making the correct decision is therefore not an easy one, but it is of course a very important one…so where does one start?
That’s where the real estate agent comes into the picture. It is crucial to choose an estate agent that you can trust to help you with your search and one who has enough experience to be able to guide you correctly, both with the search for your property and also with any ancillary matters such as assistance with banks, architects, notaries, rules and regulations related to property purchase and residence and anything else that could crop up along the way.
Being given the correct advice and guidance from the outset can save a lot of time and effort. Purchasing a property is a major investment and a seasoned estate agent can identify properties that would not only suit your accommodation needs, but also serve as a good investment over time.
Trying to find a property without any help might sound easy, and you may of course be lucky and find what you are after, but the risk of making a mistake is too great in my opinion and a lot of time can be wasted randomly visiting properties in the hope of finding the right one.
Your estate agent should initially sit down, listen to what you are after and advise you as to what the market can offer. Then, assuming that you are dealing with an established estate agency with a large property database, the agent can carry out proper research and identify properties that should meet your requirements. By seeing a variety of properties together you can refine your search until you find the most ideal property.
In a bustling and complex real estate market, the role of the estate agent is a crucial one and having the right agent assisting you will ensure that your search is an efficient one and that you make a sound investment.