Finding Your First Home on the Maltese Property Market


Searching for your first home on the Maltese property market can be a daunting prospect, but it really doesn’t have to be if you break down the process into small, manageable steps. Here’s how to get the ball rolling when buying your first home on the property market:

Check How Much You Can Borrow From a Bank

If you’re considering buying your first home, you’ll likely need financing to be able to cover the balance additional to your down-payment (deposit). You will need to provide proof of employment and declare what other monthly expense you have. The amount that you can borrow will be calculated on that basis.

Save Your Deposit

In Malta, the minimum down-payment you can make when purchasing your first home from the property market is 10% of the purchase price. The most popular and convenient method to save money for your down-payment is to create a special savings account and transfer a fixed amount of money into it every month. Other things you can do are skipping a vacation or two, lowering your current expenses to allow yourself to save more, or get a second job. Have a look at our saving tips by clicking here.

Decide What You Want Based On Your Budget

Consider what you actually want from the property you will eventually call your first home. Perhaps outdoor space is a priority, or maybe you need plenty of storage space. Depending on how big your budget is, you’ll likely have to compromise on one or more aspects of your first home. Think about what is most important for you to have, and what you can manage without.

Start Your House Hunt

There are plenty of places to search for properties in Malta, not least right here at GAP Group. In addition to numerous real estate agents, there are many Facebook groups and individual sellers that are geared towards the local property market. Truth be told, you’ll be spoilt for choice when house hunting in Malta!

Arrange Viewings

Create a list of five or 10 properties you found on the property market that you’re interested in seeing, and begin arranging viewings with the listing agent or owner. Be sure to take your time when viewing properties. Although you might walk into a property that you immediately fall in love with, or find an absolute bargain, it’s always a good idea to give yourself at least a little time to reflect on what you have been viewing.

Arrange Second Viewings

After you spend a little time reflecting on one or more properties you like, go ahead and arrange second viewings. Try an approach a second viewing from a more critical perspective so that you can spot any things not to your liking that you might not have noticed when you first viewed the property. If you’re going for second viewings at multiple properties, compare and contrast your findings to determine which property is going to be your first home in Malta.

Reserve Your Home

When you’ve made up your mind on the property you want, it’s time to put in an offer. You make the offer to either the owner, developer or to the real estate agent who negotiates on your behalf (if you’re using one). It’s commonplace to place an offer on a property that’s no more than 10% less than the asking price, then negotiating from there. Once agreement is reached, the next step would be to sign a Promise of Sale agreement to reserve your first home.

Take a look at our current developments here and if you’d like to contact us feel free to do so.