Malta is a small island nation in the Mediterranean Sea. It has a population of around 450,000 and is part of the European Union. Malta is known for its picturesque coastline, architecture, and climate.
The market for property rentals Malta has been growing steadily over the past few years due to a high population, several expats who decide to retire in this Mediterranean island, and the high demand in the job market.
With this high demand and supply still, it remains a largely untapped market with plenty of opportunities for investors to get involved. This article will give you all the information you need about renting a property in Malta, from what to look for when choosing an apartment to how to find reliable tenants and deal with maintenance issues.
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What You Need to Know Before Buying a Property in Malta
Malta is a small country in the Mediterranean Sea, just south of Sicily. Malta has been ruled by many different empires and cultures, including Phoenicians, Greeks, and Romans. Malta has a rich history and culture that have influenced its architecture, food, and language. Malta is also known for its warm climate and beautiful landscapes.
Malta is an attractive place to buy property because it has low taxes on property ownership, no capital gains tax on real estate sales, and a high quality of life for its residents.
The property market in Malta has always been a stable investment and there is a valid reason for this. Demand has been exponentially increasing in the past years. This is due to several factors like a high influx in the workforce. This blue-collar workforce required for the growing financial and gaming sectors increased the demand for long let property. The fact is that Malta tends to be an ideal retirement country with good weather conditions and excellent health care. Also, the history, mouth-watering food, sandy beaches, and constant cultural events make this country an excellent tourist destination.
All these “short-term “ residents help boost the economy of the island but put a strain on the country’s ability to provide housing, being a small island that needs to cope with such rapid population growth. The local government has been putting on several investment schemes to assist both developers and investors to up their game in providing residential units and boosting the country’s capacity.
Several investors were attracted by the opportunity to take advantage of such a high demand low supply, and government incentives, and started investing in rental properties. Rental investment in Malta is a nearly guaranteed investment at a 5% return on the initial capital. Also due to the high level of inflation, the capital is not only guaranteed but also likely to grow at a rate of 3.5% annually. Of course, there is always speculation and bad investment opportunities so one needs to make sure to invest in the right locations of the island.
5 of the Best Places to Rent Apartments & Properties on the Island of Malta
Property Rentals in Sliema
Sliema Malta was always in high demand when it comes to property rentals. This is due to the touristic appeal of the location and also due to the fact that several companies are opening shop in the area. Though Malta is a small island and in theory, it is easy to travel from 1 place to another, several of the relocated workers tend to prefer to live close to the office so that they save on transport costs and time. Sliema offers an array of restaurants, bars, shops, and all the necessities for a fantastic work-life balance. Due to this rentals in Sliema were always in high demand and rental prices tend to get a better return.
Property Rentals in Valletta
Valletta is the capital city of Malta. Recently demand in Valletta skyrocketed as there was a substantial governmental investment in the renovation of this port capital city. Valletta with a mix of 16th-century buildings, port views, and amazing architecture is a charm to visit. It offers a vast array of museums, restaurants, and nightlife and is an ideal spot for traveling around the island.
Property Rentals in Gzira Malta
The Gzira area is a residential and commercial neighborhood of Malta. It is situated in the northeast of the island, between Marsa and Żabbar. The name Gzira means “rock” in Maltese.
The area was first developed in the 1930s by the British military administration to house workers at the nearby power station and dockyards. The population increased considerably after World War II with an influx of people from other parts of Malta who were seeking employment opportunities at newly opened factories.
Today, Gzira is a residential area with many apartment blocks, modern villas, and a number of shopping centers including one that has been converted from an old power station. In recent years there has been a lot of development in this area as it is close to Malta’s main airport
Property Rentals in Qawra Malta
It is not easy to find a property in this area. The prices are quite high and there is a shortage of properties available for rent.
There are many reasons why the property market in Qawra Malta is so competitive. Some of them are the high prices, the lack of new developments, and the lack of rental properties.
The demand for property rentals in Qawra Malta is higher than ever before because it’s one of the most popular destinations in Malta.
Property Rentals in Mellieha Malta
Mellieha is a small village in Malta, located about 7 kilometers from the capital of Valletta. It is an old fishing village with a tradition of fishing and farming. The area of Mellieha is rich in farmland and orchards, mainly citrus fruit plantations.
The property rentals in Mellieha Malta are quite expensive due to the low supply and high demand. The cost of living here is higher than in other areas because there are not many commercial shops or restaurants available. The only supermarket in this region is located at the bottom of the hill, which makes it inconvenient for most people who live on the hill to get groceries.