The Maltese island has grown over the past decade – bringing opportunities, businesses and foreigners from all over the world. Due to this growth, the development of new buildings has risen in order to keep up with the demand of large influx of people.
This article with discuss the development in Malta, the pros and cons of buying a property as well as the pros and cons of renting a property on the island.
The development of properties in Malta
The small Maltese island has built its reputation in the eyes of investors, job seekers and tourists due to the growth that has taken place in Malta in the last decade, as well as the beauty of the island in itself.
Companies have either moved their head offices or opened up an office on the island. This brings many opportunities for those in search of a job and in essence creating more revenue in the property industry.
Pros and Cons of Buying a property in Malta
As a property owner on the island, you can generate money throughout the year as your property will be a big investment. More and more people are coming to the country in search of job opportunities and they will be seeking a place to stay for long periods of time which means that you will have steady incoming coming in without doing the work.
Estate agents on the island work really fast and they will be able to find you a tenant within a couple of days, making life easier for you. Not only are there people coming to live and work in Malta but there are tourists that come to experience a taste of paradise all year long. You can be sure that your property will never be empty.
However, owning a property also has a few disadvantages that you need to keep in mind if you are looking to buy a property on the island. Properties are expensive and due to the ‘quantity over quality’ approach in the development of the properties, you might not get quality for the amount of money you invest.
The process of buying a property is usually quick and easy once agreements have been made, however if you are taking out a loan the process could take much longer than expected.
Pros and Cons of Renting a property in Malta
Whether you are living and working on the island or just coming for a holiday, the Maltese island is one of the easiest countries to rent a property. Most of the estate agents working in Malta use Facebook as one of their biggest working platforms.
You can post that you are looking for a property and sign the contact in the very same day. The process is quick and easy if you are looking at renting in Malta. Most properties come fully furnished and therefore you can move in straight away without having to worry about buying furniture to make your new home liveable.
As there are cons of buying a property, there too are cons of renting on the island. The demand of properties in Malta makes it very expensive to rent and the prices keep going higher and higher every year.
By renting you are paying off the bond of the owner and in essence spending more long term then if you bought your own property.
Renting or buying a property on the island both come with pros and cons, you have to think carefully when looking for a new home and decide on which is the better option for you and suits your lifestyle.
June 26, 2018