Malta is currently experiencing one of the best economies within the EU. This is also reflected in its healthy and resilient real estate market which is an integral part of the economy. An outstanding 81.9% of the local residents are the owners of their own home, 17.7% of these also invest in a second property. Furthermore, Malta attracts a high number of foreign companies in the gaming and financial sectors. Lately, it is also experiencing an influx of UK based companies transferring their business to Malta due to Brexit. Malta has also recorded the highest percentage rise in its population over the last year. All these generate a lot of business for the real estate entrepreneurs and property developers which trickles onto several markets, also greatly affected by this industry.
Real estate agencies in Malta are on the increase and like other businesses, this sector also relies on demand and supply. Entrepreneurs look for professional entities with many years of experience for support and as also experienced worldwide, in Malta agencies are trending to be affiliated with international names for worldwide exposure as well as having the backing and support of an international franchise whilst merging with the many years of local experience.
Opening a real estate agency in Malta requires a number of steps and although quite straight forward, it is not simply opening an office with a team of sales agents. With the right elements and direction, one can be on the path to success and experience hard earned satisfaction from their clients including new homeowners and investors alike. Moreover, no licenses are required for real estate agencies or their agents for the time being, although the government is in discussions with several associations to introduce a real estate agent license in the future. This will create a more competitive and professional environment in the real estate market and is aimed to safeguard the interests of both purchasers and vendors as well as other parties involved in each transaction.
The government of Malta has introduced a number of global residency and citizenship programs which has further assisted the rapid development and expansion of the real estate market. This facilitates the process for the foreign citizens who want to relocate to Malta. Through one of these special programs, one can either opt to purchase or rent a property anywhere on the Maltese islands, being Malta and Gozo, providing that the value of the property complies with the legal requirements and also supersedes the stipulated amounts by the authorities depending on the type of property. An alternative option for foreign investors is to setup a real estate company and take advantage of these programs with the assistance of lawyers that can support with the procedures of the company registration in Malta which will be completed in a matter of days. This facilitates the process for the investor to purchase a number of properties instead of the limitation to one property.
Further information on the above is available through the professional advice and assistance one finds at any ERA Real Estate office opening up in MALTA!