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What you need to know about Real Estate in Malta

As the iGaming industry’s demand for properties continues to increase at a rapid pace, Michaela Tabone and Edward Agius of RE/MAX are giving practical tips for anyone looking to rent or buy real estate in Malta.

 

  • Rental prices range from €500 to €1,000 per month for properties that can be described as being economical, while rents vary between €1,500 and €3,500 for more upmarket accommodation, and for the most luxurious accommodation one needs to be prepared to pay between €4,000 and €12,000 per month.
  • We expect Malta’s real estate market to continue growing. We believe that the market is strong enough to carry on with the same pattern, due to the huge demand and the everincreasing supply.
  • It is all about location. Of course prices are substantially higher in the more sought-after areas such as Sliema and St Julian’s in comparison to the central, northern and southern parts of the island.
  • Most iGaming companies look to create a comfortable working environment by designing a state-of-the-art space. We have seen some companies go to the extent of having in-house chill out areas, cinemas,
    fully equipped gyms, kitchen and dining areas, complete with a chef, as well as a health section with juicers and more. All new developments meet the demands of these gaming companies, and the older office
    blocks are being refurbished to meet their requirements.
  • Initially, we always recommend to rent a property, especially if a client has never visited or lived on the island. This will help them find their bearings in order to establish their requirements to eventually buy a property.
  • There is a huge demand for both commercial and residential properties, especially in the more sought-after areas, and this has affected prices. It all boils down to demand and supply.
  • Some 90% of office blocks are offered finished and ready to move into. This would include air conditioning, suspended ceilings, lighting, toilets and kitchenette. However, any partitioning and upgrades would be at the
    expense of the client.

Michaela Tabone, Assistant Regional Letting Manager at Remax

 

Remax Office in the Strand, Gzira

 

  • Properties away from the areas that are in high demand are still reasonably priced. It might make sense for gaming companies to offer their employees either transport or some sort of compensation towards commuting to the office.
  • Up to 400,000 square metres of office space is expected to come on to the market in the next few years, and thus far we haven’t had any issues in finding offices for our clients. We are positive that the competent
    authorities will not allow a major surplus and that growth in commercial office space will continue to prosper.
  • There is room for negotiation, but there is no exact indication of what percentage is negotiable. It is usually easier to negotiate for long leases, and if one offers quarterly, half yearly or annual payments in advance.
  • RE/MAX has been working hand-in-hand with the iGaming industry since 1999, therefore we know how to handle every client’s request. We have a team of 40 letting associates, who are qualified to assist our iGaming clients.
  • When renting property in Malta, one should always check the property thoroughly before committing to ensure that everything is up to standard and all amenities are included in the property. Families and people sharing accommodation should ensure that the landlord is willing to sign form H when registering for utilities with ARMS, Malta’s utility billing company. Form H is a declaration form enabling one to register the number of persons residing in the property, by doing so one will benefit from lower rates.
  • Our team is big enough to offer the best possible service, no matter where the client chooses to be located. We have 28 offices in Malta and Gozo, with letting associates in every office, specialising in each area.

Edward Agius, Regional Letting Manager at Remax

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