Guideline: Letting Property in Malta
JK Properties Ltd. was the first fully fledged letting team in Malta & Gozo. The company has operating since 1999 and has since evolved into a team of over 25 letting agents specialising in their respective fields and locations. The company services all areas in Malta and Gozo with teams located in the North, South, Central and North East of the Islands. The Letting Market is very important to the Maltese real estate market which is one of the main pillars of the Maltese Economy. This is due but not only limited to the several Industries that attract foreign employment in Malta. iGaming, Finance, Software/Tech, Shipping and some other industries contribute to over an astounding 8% of the countries payroll.
There is a very strong demand for rental properties in Malta. Very often due to this high demand of rental properties a particular property may come available one day and may be rented the next day. This is why we always recommend to someone that is relocating to Malta or Gozo to research the type of property that they may be lookingto live in Malta before they get to the Islands. By doing so, they will already have a good indication of pricing, standard of finish and location.
A long term rental is considered anything over a six month period though this does not guarantee that an owner is willing to accept less than twelve months. Due to it being a Lessor’s market owners’ of property may feel that they can afford to wait for the next client to come along or else may ask a potential renter that is only staying in Malta for six months for a premium price, especially during the summer months. This and other important guidelines should be taken into consideration before anyone decides to come to Malta. The following is a list of items you should know:
Long Term rental is considered anything over six months. To secure a rental, the standard procedure is to pay one month rent, a deposit equivalent to one month and 50% + Vat which is the standard agency fee. Linen is not always included in the rental. Water and Electricity is usually left in the name of the owner and the tenants pay their utility bills based on their consumption. Meter readings are taken before, during and after the tenancy.Some owners ask for an extra monthly deposit for water & electricity. Please note that the majority of owners have someone that takes care of their property or else are readily available. A property manager is usually mores accessible during emergencies whereas some property owners may not be available for immediate action. It is important that you ask the lessor for the contact details of who you have to call for repairs and/or emergencies.
Sometimes to keep the rental price competitive, an owner may ask the tenants to pay for the yearly maintenance of theblock.
Procedure to renting property
The procedure to renting property in Malta is fairly simple and straightforward. During an initial meeting, our letting agent will ask you for your requirements on the property you are looking for, offering guidance and advice wherever required. Once we have your criteria in hand, we will suggest a few properties that are suitable and schedule the viewings accordingly. Your letting agent will offer you transportation to and from the viewing in order to discuss your requirements better.
Once you have chosen a property, we will negotiate a rental price with the landlord, always working for a win-win outcome between the landlord and tenant. The letting contract is then drafted up by your letting agent, ensuring that any specific terms – by either landlord or tenant – are included to safeguard both parties. Upon signing of contract, our standard procedure is to collect one month’s deposit, one month in advance, and another half month’s rent, however this is subject to change at the owners discretion. Where the total duration of the lease is less than six month, we collect a 10% deposit of the total amount.
Our service towards both the tenant and the landlord don’t end there. If any issues crop up at any point during the term of contract, we will assist and handle them accordingly. Our goal is to ensure that the stay is as smooth sailing as possible, from initial contact, through to the signing of contract, and up until the tenants’ departure. To this effect, we offer a complete concierge service to all our clients, including assistance with installation of internet, telephone, or television services, insurance, property management, maid services, maintenance, and several other requirements requested by the client.
The letting market in Malta offers a wide range of property types depending on the tenants’ needs. Throughout the year, apartments and penthouse have become the most popular property types rented by our clients. The reason for this is simple: Malta’s busiest areas - comprising of Sliema, St Julian’s, Gzira, Msida and other surrounding localities – are in such high demand that the only way to meet this demand is through the development of apartment blocks. For those who are in Malta to work, this option makes the most sense as it allows for a comfortable layout whilst still being centrally located, and against a reasonable monthly rent. Others may prefer the luxury of villa with a sunny back pool, usually in locations that offer serenity and complete privacy. Our database is so vast, we can easily help you source the property most suitable to your needs.
Our experiences team of Letting agents include a number who work primarily on Commercial property. These agent are more than able to assist you with your search for office space in Malta. Our database of office space ranges from the modest managed office space to offices ideal for small, medium or large businesses. Today’s standard finish include all amenities, whilst the higher-end office spaces boast state of the art technology that are ideal for the Information Technology industry. If you are a foreign business owner relocating to Malta and are looking to rent or let an office in Malta, our agent will happily guide you through the whole process.
We have a number of corporate agreements setup with several foreign companies. Should you be interested in our services, please contact us in order to setup a meeting with Edward Agius. During this meeting, we will discuss tailor made packages that would be suitable for yourselves and/or your staff.
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