How is the property market in Malta looking?
Despite the global, national and local economic struggles of recent times, the Malta Real Estate market continues to grow and evolve.
As the market re-calibrates itself, new opportunities have arisen for buyers, not only in the form of price reductions on older inventory, but also on new listings that are coming on the market at prices that haven’t been seen in the past few years.
Price vs. value
It’s no secret that home prices are down, but the secret is that value isn’t. The true value of a property – its location, characteristics, amenities, etc. – are seen through the lens of the market. As the market adjusts, so does perceived value. In order to take advantage of this dynamic as a buyer, it’s important not to lose sight of the basics. Always remember there’s a “deal” and then there’s “value.”
The #1 rule in real estate still holds true – location, location, location. You will still pay more for a premium location, but there’s a good chance that it will hold its value and offer greater appreciation over time than a property in a less prime location. It’s a great time to look at locations that might have previously been out of your budget.
Bang for your Buck
We met Euchar from Karkanja property for sale in Malta and he stated the following. When the market is hot, it’s often a “take-what-you-can get” experience for buyers. In this market, you’d be surprised what you can get for your dollar. There are many houses on the market that simply could not be replaced for the asking price. Look for properties that have been well-kept, maintained and updated – it’s a good time to buy as much house as you can for your money, as long as you don’t buy more than you need or can afford.
Green on a budget
While most of the attention paid to “green” building is focused on new construction and the ever-evolving list of more efficient building products and systems, for those that don’t have the money or resources to pursue the ultimate in high-efficiency new construction, there is a lot to be said for “recycling” a property. Older homes, especially those built from the 1920s to the 1950s, are typically built with relatively modern materials. By upgrading energy features such as windows, air conditioning systems, heating systems, and plumbing features, it’s possible to “recycle” an older structure and refurbish it for less than what it would cost to replace.
A word on foreclosures
In the case of foreclosures, it is truly a buyer-beware situation. Typically, by the time a property gets foreclosed upon, it has not been occupied for a period of time, and quite often not well-maintained for even longer. The condition and even the location of the well & septic are often not known, appliances are often gone or broken, and the heat and plumbing are often turned off, making inspection difficult if not impossible. All that said, it’s not impossible to make a deal. Have your Realtor gather as much information as they can – foreclosure properties often have quite a paper trail and your agent might be privy to the history of the property.