The Big 3 – UCAs are Worth Looking at For Your Next Home!
Investing in UCAs: What You Should Know About Zoning, Regulations and Areas in Malta.
1. The Beauty of UCA Properties in Malta.
Strolling through the streets of Sliema or Attard, one can easily fall in love with the quaint little streets, colourful doors and windows, as well as the old Maltese limestone characterising townhouses. Areas such as these have been accredited with a special status as Urban Conservation Areas (UCA) and have a distinct set of regulations to which they are subject to.
UCAs are protected by law, enforced by the Malta Environment and Planning Authority, defined by their special architectural and historic importance. It is thus idesirable to preserve or enhance the character or appearance of such areas. There are certainly superb properties for sale in Malta to choose from within these regions!
2. The Incentives for These Homes of Quality in Malta.
Stamp duty has been reduced, from 5% to 2.5%, for property transactions and regarding restored properties in Malta within UCAs, the final amount of levied withholding tax has been decreased from 8% to 5%. Furthermore, tax incentives are given to those who buy a UCA property needing restoration, with benefits of up to €100,000. First-time buyers can be given a 70 per cent rebate on restoration works, covering facade works and interior renovation and balconies restitution.
These initiatives are helping the regeneration of historic urban areas and the re-use of empty buildings. So, if you happen to like this building design - and are ready to invest in your new home - there are some reasons for you to invest in it!
3. The Areas.
Southern Malta has developed from simple fishing villages, cut-off from the busy affairs of the north, into beautiful towns inhabited with fascinating locals, still detached from the centre. These areas boast of authentic Maltese characteristics and a laid-back way of life. The UCAs in these areas are the following: Birzebbugia |Ghaxaq | Gudja | Kirkop | Luqa | Marsascala | Marsaxlokk | Mqabba | Paola | Qrendi | Siggiewi | Tarxien | Zabbar | Zebbug | Zurrieq.
The northern-western part of Malta also embraces traditional Maltese origins, featuring some amazing landscapes. So much so, that residential homes are genuinely sought-after by locals and foreigners alike, eager to occupy intriguing locations, ideal for walks and hikes in which one can enjoy scenery, coastline views and quietness. These include: Dingli | Mellieha | Rabat | St. Paul’s Bay.
In its centre, Malta harbours some refined suburban communities. Inhabitants will certainly point out that only the wealthier section of society can afford to live here. With dazzling squares, picturesque roads and captivating homes: Attard | Balzan | Birkirkara | Hamrun | Gharghur | Lija | Mosta | Naxxar | Qormi | St. Venera.