Malta puts purchase price thresholds up

Malta puts purchase price thresholds up

Monday, July 18, 2005

The Maltese Ministry of Finance has introduced a new revision to the law concerning the purchase of property by non-Maltese nationals.

As things now stand apartments and maisonettes may not be purchased for less than Lm34,158, and houses and villas may not be less be bought for under Lm56,930. These figures equate to approximately £54,000 and £91,000 respectively.

The move is widely seen as a direct intervention to protect the interests of local residents on what is a relatively small island with a limited supply of housing stock. Without the restrictions, there is an increasing possibility of an influx in foreign money purchasing all the cheap property at the bottom end of the market, making home ownership unaffordable for any local residents on low earnings.

These thresholds do not apply to EU Citizens who purchase property for the purpose of taking up residences as no AIP permit is required by these buyers.

At the same time, the remaining restrictions on EU citizens who may wish to rent their property have now been removed. Licences will be issued by the Ministry of Tourism for properties classified as ‘Comfort’ and ‘Superior’ in terms of the Holiday Premises Regulations 2002.

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