What’s driving today's high buyer demand?
The real estate scene in Malta is buzzing with activity. Demand for properties for sale - be it houses or apartments, continues to soar and shows no sign of slowing down. Luckily, the market is well-supplied as it continues to see strong numbers of homes for sale, as people often need to sell to buy another property.
What is pushing up this demand?
The continuing impact of Covid-19 cannot be underestimated. People have reaffirmed the value of having others in their lives and, as home entertaining is here to stay, having the space to do that makes meeting others in the intimacy of one’s home more possible. This is one of the main reasons why more and more people are on the market for a home: people are searching either to become first-time property owners, or buy bigger, ideally with an outdoor space, like a garden, roof or terrace where they could sit and relax or entertain. And as working and studying privately from home becomes more of a reality for many, it drives people to also search for internal space when they’re on the market to buy.
To add to this, the number of stable property owners who, once they feel they have settled in their career and family life, start thinking about investing by buying a second property (or more) to provide them with an extra steady passive income. Although property in Malta has always been seen as an excellent investment, the real estate sector in Malta is seeing a particular surge in the demand for properties as rental investment.
Apart from locals, estate agents assist a significant number of foreigners who need to navigate the real estate market in Malta because they want to settle here especially if they have good job opportunities. Some others even buy a property and choose to retire here, particularly if they come from colder countries and are after Malta’s mild and sunny climate.
What kind of properties are people after?
At a time when an ever-increasing number of people wish to be homeowners, it comes as no surprise that a large percentage of buyers consists of young people. They are on the market for a home of their own, and they’re in luck: the property market in Malta has a wealth of affordable apartments suited for first-time buyers who feel the time is ripe to move out of their parents’ home and have their own personal space and be independent.
Bigger houses with gardens are always highly sought after by couples with a growing family who feel it is the right time to climb the property ladder. However, more space where the children can play is not the only reason for the purchase. With the trend to have guests over for a meal and with home improvement companies advertising outdoor furniture, barbeque sets and seasonal decor, it comes as no surprise that people catch the bug and want the space to have all of that.
On the other end of the spectrum you have middle-aged people who buy smaller apartments either because they want to downsize or as an investment opportunity. It’s a natural course older couples take: to retire in a medium-sized, more manageable apartment with perhaps one spare bedroom for grandchildren who come to visit. Others buy small apartments to rent out, knowing that there is more demand to rent small apartments.
Go with the flow or wait some more?
With the relaxing of global travel in the past months, this is the right time for people to invest their unspent savings in the property they wish for.
As a buyer, you’ll want to purchase a home when there is an influx of available homes so that you know you can get the best property for your money. Speaking to a real estate agent is the best way to navigate the property market. Whether the market is strong or weak, you’ll want to have a leg up on the competition, and real estate agents have the market know-how to guide you.
Tips when buying in a fast-paced market.
Check out the properties for sale we have on zanzihomes.com to get an idea of what there is on the market - we might just have the one home you’re looking for.
See what grants you can make use of , in advance. The government launches a number of schemes, for restoration works or for first-time buyers, for example. This means you know that you can get back some of the money spent.
If you need financial help, make sure to fix an appointment with the bank to see how much the bank can lend you.
Post-pandemic, many people have reassessed their lives to put enjoying quality time with the people they love back at the forefront. One’s home is the place that makes that possible, and the right time to do that is now. So, if there is a property you like, act fast and find an experienced agent with the knowledge and skills necessary to ensure that you find your new home. Zanzi Homes has over 200 property agents that can help you buy the property you’ve been wishing for. Complete the following form to enquire about your property requirements on bit.ly/zanzihomesrequest