Renting A Property In Malta

There can be little doubt that property, especially residential property, is one of the main businesses on the tiny island of Malta. A number of the prominent real estate agencies have branched out from the traditional sales and lettings business and into development, from where they have moved into development in other countries too. One can only presume that such diversification has lead to greatly increased profits…

The age old saying that people should “buy land because they aren’t making any more of it” is more acute on Malta than in most other countries. The tiny size of the country means that land is a limited commodity in a very real sense.

This has lead to something of a real estate boom which in turned changed Malta into something of an unfinished building site – the empty and incomplete projects on the island are a travesty and in direct contract to the natural beauty elsewhere. Estimates vary, but it is believed that in 2011 there were as many as 70,000 empty properties on the island. This report suggests that might be the equivalent of 7bn euros in economic value. For such a small country, such waste borders on the criminal.

Another waste is the lack of keeping with tradition for newer properties. Malta has a rich and varied architectural history as evidenced throughout the island but nowhere more incredibly than in the capital, Valletta. In fact, on both Malta and it’s smaller island Gozo, stand some of the oldest man-made structures in the world, dating back perhaps 5,000 years or more.

Despite this, renting a residential property in Malta can be quite an affordable affair when compared to much of northern Europe. Many of the costs on the island are lower than those in more northerly nations and property can be one of them.

Doing the splits
As with any market, there are different tiers of rental property. At the top end, there are luxury apartment complexes with breathtaking views of the sea, such as at Tigne Point overlooking Valletta. These apartments – and also those in Fort Cambridge and Portomaso Marina – have excellent views, are finished to a high standard and are very well appointed. For the best apartments, monthly rent can be as high as 3,500 euros per month for a four bedroom property. Needless to say, such property is generally the preserve of the foreign and expatriate elite on the island whose spending power dwarfs that of most Maltese.

Garages on Spinola Bay, St Julian's, Malta

Moving down the ladder just slightly, there are a great many apartment complexes in Malta that boast a wonderful view of the Mediterranean. One of the most popular and prized locations is the lovely seafront between Sliema and St Julian’s with views over Balutta Bay, Spinola Bay and out to sea. There are some buildings where a property may rent for 3,000 euros or more per month, but a more likely figure would be between 1,500 and 2,500 per month. These are still considerable rents to pay for most people and is one reason why there is a substantial number of empty properties in the area.

These kinds of properties are the sort that one might expect to see advertised by Homes of Quality, a Frank Salt company. In other words, very nice locations, above average properties with prices to match.

Stepping down the property ladder a little more, there are many very nice locations without a sea view, or a very limited one, that are still within easy walking distance of water and in a good neighbourhood. Such properties might rent for perhaps 500 – 1,000 euros per month for two or three bedrooms. Your author lives in one such property. As might be expected, a sea view enhances price as much – or more – as it enhances lifestyle

Stepping further down still – in price though often not in quality – there are many areas in which property prices start incredibly affordably. There are, for example, one bedroom apartments in Valletta from around 230 euros per month! Show us another European Union capital city where that is possible! Other areas such as Birkikara and Lija are very nice, but inland, and therefore do not command the same prices. To the best of your authors knowledge, Mosta, a city in the cente of the island, offers much of best value for money.

One real estate agent based in Valletta but operating nationwide is Cassar and Cooper. Started in the 1960s, they have as much experience in Maltese property sales and rentals as anyone and can be relied upon to help find an excellent location.

One factor that helps to separate properties is that of parking. There are so many cars on Malta that a garage is a very valuable addition to a building. Most apartment buildings with parking have an underground garage built in from the start. There are many, of course, with a street level garage door and parking for one car only. With the weather being as extreme as it can be in Malta (very strong sunlight, strong winds and very heavy rain) it goes without saying that garage doors can take a bit of a battering (click here to read about how to preserve a door).