Latest information from www.maltabuyproperty.co.uk….
Malta to join the Euro in January 2008…
Relaxation of letting rules…
Letting of property is allowed as long as a letting license is obtained from the Malta Tourism Authority. Until recently, European Union citizens who have not resided in Malta for five years could not rent their premises unless these have a private pool available.
The policy has now been amended in such a way that all European Union citizens having property that is classified as “Comfort” or “Superior” by the Malta Tourism Authority are allowed to rent their property irrespective of whether the property has a pool or not. The property should include all basic necessities for the occupant in accordance with Legal Notice 131 of 2002 issued by the Malta Tourism Authority. Non-European Union citizens will remain subject to the “pool” restriction.
No restrictions are applicable to European Union residents who have resided in Malta for five years because they are treated as Maltese citizens.
Developments such as Portomoso, Cottonera Waterfront and Sellum Village are located in areas known as “Special Designated Areas” whereby foreign nationals can purchase as many units as they wish. Besides appreciating in value by about 10% every year, they are also ideal as a rental investment with rental returns of 4% to 5%. Seafront apartments along the Sliema promenade and the northern part of the Island namely Bugibba, Qawra and St. Paul’s Bay are very sought after areas for holiday apartments, which also yield a very good rental return. Farmhouses with pool on Gozo are extremely popular with local and foreign holiday makers.