What is the Cost of Renting in Malta?
Though prices vary according to market demand and supply, and some properties might not reflect the suggested price, after all, it is a free market, but in general, the cost of renting apartment in Malta follows these basic market laws. In this article, we will cover the rental market, rental prices, rental types, and other costs involved in renting.
The cost of renting in Malta is not cheap, with the average rent for a one-bedroom apartment coming in at €6,00 per month, especially when compared to a minimum wage of about €800 per month. In reality, according to National Statistics Office, the average annual gross salary in Malta is around €18,660 and specialist positions can earn much more. Jobs in demand like finance, tech jobs, and banking will help you bring home a very interesting figure in the region of €60,000 to €120,000 a year making life in Malta more affordable.
How Long do Leases Typically Last in Malta
Lease agreements are legally binding contracts that are signed by the landlord and tenant. The lease agreement typically lasts for a period of a minimum of twelve months up to 5 years. These types of long-term contracts, facilitate long lets and give peace of mind to both the lessor and the lessee. Also, these types of contracts are regulated by a local goverment rental authorithy and should be registered. A registration fee of 10 euros applies and once the contract is registered the government will Tax the lessor at 15% of the yearly contract value.
What is the Average Price of a One-Bedroom Apartment in Malta’s Top 10 Areas?
Though the island is very small the cost of living in Malta varies from area to area. The north part of the island mainly Sliema, Gzira, Imsida, and Saint Julians are the most expensive parts. These areas are associated with high-paying jobs in Finance and gaming and also have several tourist commodities like shopping complexes, beaches, restaurants, and better services.
The prices of apartments vary greatly depending on the location and size. In these areas, the price for a two-bedroom apartment starts at €8,00 and goes up to €3,000 per month. The average price for a one-bedroom apartment is €9,00 per month depending of the state of the apartment. These prices normally include furniture and all the utilities required excluding bills. For water and electricity, a family of 4 is likely to be paying an average of 100 euros monthly. Internet and telephony bills should range in the 40 euro per month region.
What Kinds of Landlords Should You Expect In Malta
Most of the landlords in Malta are reliable and trustworthy. They take care of their properties and provide good customer service. The best way to rent a property in Malta is through a real estate agency as these would have more options and would help you make the rental process much faster.
In exceptional cases there could be some issues with the rental, for example, some landlords try to cheat their tenants by not giving them the agreed-upon rent prices or by withholding their deposit money. In such cases, the regulator can be involved to sort out such disputes. This is why it is important to have such contracts registered with the authority.
Some landlords also have a tendency to be less accommodating than others when it comes to pets or other living arrangements.
Conclusion. Finding Your Dream Flat Doesn’t Have to be Hard
Finding your dream flat doesn’t have to be hard. There are a lot of different websites and rental agencies that can help you find the perfect place for you. A long-term contract will assure peace of mind and as long as both parties respect the contract it should be a straightforward process.