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Costs to Factor in When Buying a House

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There’s more to a house purchase than the price tag on the property.

There’s more to a house purchase than the price tag on the property. Here are the extras you’ll be shelling out for:

Stamp duty

- Stamp duty amounts to 5% of the total purchase price and this is paid to the notary who will then pay this amount of registration of the property.

- 20% of this is due when you sign the Konvenju.

- Currently, first time buyers do not need to pay stamp duty on the first €150,000.

- Stamp Duty on property in Gozo is just 2% until the end of 2018.

- Second time buyers who own only one property will get a stamp duty refund of €3000 under current rules. If they are disabled, they will get a refund of €5000. However, the duty must be paid in the first place and the buyer must then apply for the refund, so the cash needs to be available for this payment.

- Properties in Urban Conservation Area (UCAs) currently have reduced stamp duty of 2.5% subject to certain rules (and can also benefit from other schemes to refund restoration expenses).

- Check these details with your notary as they are subject to change.

Notary Fees

These are set by law; they are usually 1-3% of the purchase price. Find the calculator here. There are also registration fees which vary with the type of property.

Searches & Registration Fee

These cost around €600, but this can vary depending on what is required.

AIP permit fee

Acquisition of Immovable Property Permit, for non-EU residents only - around €233.

Bank charges

For more information, see our section on Home Loan Advice [insert hyperlink]

Deposit

Usually, when you sign the konvenju, you’ll pay 10% of the purchase price as a cash deposit.


BROWSE PROPERTY IN MALTA

Guide

Drawing Up Your Wish List

You can’t always get what you want, but you stand a better chance of being happy with your purchase if you draw up a realistic wish list and prioritise your preferences.