For the past 4 years foreigners bought almost 1 000 properties in Malta, worth €400 mln
The Minister of Finance of Malta Edward Shilkun on speech in the Parliament, said that in the last 4 years around 1000 properties were sold to foreign buyers. Total revenues amounted to € 400 mln.
In 2015 were purchased 280 objects, and in 2013 - 207. This is the lowest result since 2012. According to the law only the locals and foreigners residing in the country at least 5 years can buy property in Malta without the express permission of the Tax Service (Acquisition of Immovable Property Permit or AIP).
The Government of Malta also sets the minimum price per square meter. For an apartment you will have to pay at least € 104 500, for other types of real estate - at least € 174 000.
More than 50% of the purchaised objects are located in the northern part of the country. The prices in this region reach € 175 mln , but the average price is € 363 881. The most expensive objects are in the north of Malta. In the south-east was recorded the lowest number of transactions.
Malta real estate market development is developing largely due to the government program adopted in last August, according to which foreign buyers can get the right to live in Malta or move through Schengen area. In addition to the acquisition of real estate seekers for residence permit need to buy government bonds in the amount of € 250 000.
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