We’ll  take it that one step further , and give you our top vote for the most stylish properties today :

These highly luxurious properties are uniquely located in this beautiful sun-kissed island. Situated in the Northern idyllic village of Mellieha , we proudly offer you the opportunity to buy top class residential apartments and penthouses , with high investment potential.

Immediately facing these properties are protected open valley views with distant sea-views that encompass both sister islands Comino & Gozo. To the immediate right there are sea-views of Mellieha Bay & Comino. These views stretch as far as the southern Italian Island Sicily.

A few minutes from the sea and the largest sandy beach on the island makes this a superb setting, bringing nature to your doorstep.

The properties are finished to an impeccably high standard and lend themselves to being luxury living at its finest. The elegance and style is felt throughout the individual apartments, penthouses, common areas and outside landscaped garden.

A combination of state-of-the-art electronics, smart technology and refined gypsum designed ceilings propels these properties into a class of their own.

The ceilings host intelligent lighting systems, curtain and blind control functions, and multi-room audio speakers. An ultra quiet centralised air-conditioning system is both energy saving and maintains the comfort and tranquillity that is synonymous with these properties.

The properties start from Euro110,700 for a one bedroom apartment and go up to Euro1,050,000 for a 3 Bedroom Penthouse commanding almost 360 degrees of panoramic sea and country views.

Each property offers something different but on entering all of them you instantly experience a feeling of well-being. They are designed to maximise space, function and light.

The outside terraces and living spaces bring the outdoors inside and is the perfect marriage between nature and modern classic architecture.

‘’A fine attention to detail, design and innovation gives you a lifestyle of effortless modern sophistication’’.

How much house can you borrow in Malta?

Obtaining a mortgage is not at all a stressful experience. There are some banks who will only offer mortgages to residents of Malta, but there are also some other financial institutions who offer home loans to non-residents of Malta too. There are no self certification mortgage facilities in Malta, however renting out your property is allowed. The mortgage loans need to be backed by a certain proof of income. If you’re employed under an organisation, you need to show your pay slips, personal bank statements and every personal detail that will prove that you earn a sufficient amount of money every month and that you can regularly make your monthly payments on the mortgage. The lenders will not take into account any rental income that you propose to earn from renting your property.

If ‘How much house can I afford’ is the question that is wondering you, you need not worry. The loan amount will be based on your personal gross monthly income.

The lenders will calculate the loan amount on your affordability basis. In order to be considered as a prospective mortgage borrower, your total outgoings should not surpass 35% of your gross monthly income.

Tips for purchasing a property in Malta

If you’re purchasing a property, here are some effective tips that will help you make your attempt successful.

* Make sure that the full ownership of the property is yours after the completion or the closing of the mortgage loan. See that you provide all the required documents to the lender on closing.

* Be prepared to face slight delays while securing your mortgage. There will be steps taken to avoid this though, but yet, you should remain alert.

* Ensure that you calculate all the possible costs to be incurred while buying a property. You may be charged by the government, in addition to the legal costs. Be ready to pay these costs.

Thus, if you are bothered about ‘How much house can I afford’, consider taking into account the above mentioned tips and information on getting a mortgage. Take out a mortgage that you can afford and pay it off in affordable monthly payments.

How much mortgage can you borrow and what is required?

First consider the amount of mortgage loan you can afford by calculating with the help of a mortgage calculator. There are some non-status self certification mortgage facilities available. Renting out of property is also supported and hence a proof of income is always required by all types of home loans. In case you are employed, you need to produce the pay slips of the last three month’s salary, P60 employer’s reference and the bank’s statements of the last 6months. If you’re self employed, then there are different rules for you. You need to show copies of your audited accounts together with your last 12 month’s business and 6 months bank statements.

The mortgage that you will take on a property that you will buy will be based on your personal net pay and is calculated on an affordability basis. This affordability basis can be calculated by an affordability calculator, a kind of mortgage calculator. If you want to be considered by the lenders, then your total outgoings must not exceed 35% of your net monthly income. This will ensure that you will be able to make your mortgage payments on time with your stated income.

Tips to purchase a property

* Ensure that you have full ownership of the property after the completion and check whether or not the relevant documents are available for the lender.
* In case of newly constructed properties, check the date on which the property will be registered with you.

* In accordance with the legal and administrative system, there may be delays in securing your loan. All reasonable steps will be taken to avoid this. Hence be prepared.

* Make sure that you have calculated every possible cost that you may incur while taking a mortgage. You may also be charged by the government in addition to the lender’s legal costs.

* Unless you are very experienced in purchasing property abroad, it is very important that you seek legal advice before you sign a contract for a property deposit any amount of money with the lender.

The high street banks can give you mortgage without any kind of problem provided your finances are in an advantageous state. Determine the amount you can borrow with the help of a mortgage calculator and take into account the above mentioned tips in order to take out a better mortgage loan in terms of interest rate.

This article has been written with our foreign property buyers obtaining a mortgage overseas and outside the Maltese financial borders.



Office Facade – Before work began		Office Facade – Balcony being built
		Construction work began and balcony being built

• Original front door stripped and varnished
• Window created stripped and varnished
• Front of building stripped and prepared
• Electricity pole was moved after a month from applying with Enelmalta which we are deeply greatful
• Wires and communications moved with the pole and after collaborating with local telecommunication co.s
• After the pole and wires were moved  we could make a window on the ground floor & then build the second floor
• Second floor new construction with balcony & window in accordance with our planning application with Mepa

Internal work on ground floor

• Restoration work on all original walls
• New ceiling
• New restored wooden beams for the ceiling
• Stripping & preparation of the ceiling
• Designated area for the spiral staircase
• Plumbing for the downstairs toilet
• Electricity, internet, telephone and water connections put in
• Tiles layed

Some of the work that will continue during the next  few weeks would be the internal stairs that are being made and fitted on-site.

We thank you for your interest in our CNW Property Malta Ltd’s progress and will soon bring you more news on this exciting phase of our business.

]]> http://www.cnwpropertymalta.com/blog/2010/08/24/office-construction-work-continues-for-cnw-property-malta-ltd/feed/ 0 http://www.cnwpropertymalta.com/blog/2010/07/20/whats-current-situation-maltese-property-market/ http://www.cnwpropertymalta.com/blog/2010/07/20/whats-current-situation-maltese-property-market/#comments Tue, 20 Jul 2010 15:56:22 +0000 cheryl http://www.cnwpropertymalta.com/blog/?p=118 The construction industry has started to move and slowly rebound from the recent worldwide economic downturn. Throughout Malta you can observe increasing activity in the building and development sector. Many of the new buildings currently being constructed range from the affordable apartment to the large scale luxury development projects.

This is a sound indication that the Maltese property market is heading in the right direction.

We have also seen during most recent years an improvement in the average standard property. It appears that an unconscious compromise has been reached between developers and buyers. There’s a tendency that the current apartments being built are slightly larger with improved overall design. This coupled together with buyers increasing their budgets is creating a healthier platform thus providing improved opportunities for all parties involved.

This is steady progress and we are looking ahead to a positive and brighter future in the Maltese property market.

The delay in the offices being constructed was been due to the building having some original features. These are required to be protected and retained during the building and transformation process. In other countries it’s what’s considered as being a ‘listed’ building.

Builders are frantically working to have the offices ready to be opened by end of  July 2010.  The front window has been created whilst retaining all original stonework.

Progress is anticipated to accelerate with the second floor being built any time.

The opening of the new CNW Property Malta office will gel the business and give us the much needed increased physical presence that is being requested by our existing clientele.

Our offices are a classic example of synergising the old with the modern and creating a workable, professional space whilst accommodating today’s work style with an original fresh environment.

• Affordable ,
• Good quality,
• Well planned,
• High investment .

This prestigious development is located in a quiet residential part of the village nestlling amongst older historical buildings. It’s a perfect example of the synergy between modern day living and historical culture. A Palazzo and its mature gardens became the focal area and superb backdrop for the overall design of this development.

Beautifully Designed with Fabulous Surroundings

On entering this development you feel a sense of calmness which immediately puts you in a relaxed sense of well being. The building is set back from a main road and is surrounded by wide landscaped pedestrian walkways. Straight ahead you will find a beautiful old historical wall that is being restored to its former glory. This will be illuminated at night time and enhances the overall unique ambiance of the surrounding grounds. The development is unique in its layout and has the following structure:

• Designed in separate blocks,
• Common area & lift serves minimum of three and a maximum of ten individual units,
• Single and double underlying garages located at basement level with access to all lifts,
• Separate pedestrian & car entrances provide these properties with added investment potential.

All properties offer three bedroom spacious, well planned living spaces. The external windows are larger than average providing the properties with a maximum level of natural light possible.The common areas are being finished with marble flooring and stairs. External apertures with beautiful iron railings & marble encasing around the window frames.

Set Within A Cultural Village

The village of Zurrieq itself is large and predominantly inhabited by Maltese and lends itself to traditional Maltese culture where one can find;

• A weekly local market,
• Traditional shops selling local foods,
• Large school, post office, banks
• Cafe’s, bars, snack places,
• All types of shops, banks, and other amenities.

Excellent Location on the South of Malta

Zurrieq is considered to be in the southern part of the island, is ideally situated near historical sites and has easy access to the centre of Malta;

• 10 minute car trip from Malta International Airport and access to main link roads.
• 10 minute car trip to Hagar Qim neolithic temples
• 30 minute car trip to the Silent City Mdina
• Regular 20-30 minute bus service to the capital city Valletta
• 15 minute car trip to the Royal Malta Golf Club
• Short bus journey or lovely 30 – 40 minute walk to the world famous Blue Grotto in Wied iz-Zurrieq. This is a rocky bay that’s very popular with locals and tourists. Here you will also find several restaurants and bars serving authentic local Maltese dishes.

Quick Sales Anticipated to Maltese & Foreign Buyers

These properties are being snapped up quickly and are a smart move for any buyer in the property market.They are particulary desirable to first time buyers,young families, foreign nationals, retirement, and as an investment opportunity . The starting prices are from as little as:

Maisonettes Starting at Euro 97,834
Flats Starting at Euro 111,810
Penthouses Starting at Euro 132,774

Viewings are highly recommended and are on a first come first serve basis. For additional information please contact us on 00356 2701 9394 / 9980 9394 .

You may also email us with your telephone number on : cnw@cnwpropertymalta.com and we will happily call you.

Thank you for your time , we look forward to assisting you in purchasing a property of your dreams.

In business the Maltese are used to working together with other foreign nationals. Malta has a very sound financial and legal framework. The business foundations and frameworks have proved invaluable. During the most recent economic global crisis the Maltese bank system did not enter a crisis situation. This is testament in itself that foreign investors are not just investing anywhere but that they are investing in a top end product, luxury property, in a Mediterranean country, enjoying the Mediterranean culture & lifestyle, in a safe economic environment where foreign nationals are welcome and greeted with warm Maltese hospitality.

Luxury property in Malta really does lend itself to the ultimate experience in luxury living. The properties occupy the most prime spots on the island commanding beautiful seaviews or historical architecture. The standard of the properties are more often than not deluxe and the owners are offered the full service of a five star hotel including a place to moor their boat.

Previously foreign nationals and EU citizens could only purchase one property which would be for owner-occupancy. This has recently changed whereby foreign nationals can now buy additional properties and rent them out on a short -term lease agreement , providing the property is valued over €233,000.00 ; has a swimming pool and is registered with the Hotel & Catering Establishments Board.

Some of the prime locations and properties that fall under these ’specially designated areas’ and provide luxury properties  are Tigne Point, Portomaso, Cottonera, Manoel Island and Chambray (located on Maltas’ sister Island, Gozo).

Being an owner of a luxury property in Malta gives you great peace of mind and reassurance that your property will be appreciating, offering you a gain on your capital income and is located within a highly reputable economic environment. Additionally you will also enjoy a truly high standard of living and experience the beautiful synergism between modern life and historical culture.

If you are still in doubt don’t forget there are professional companies who are more than willing to help you and answer any particular questions that you may have.

Our aim has been to give you hope in that you can find a property in malta, provide you with sound advice and help you get to grips with some of the main terminology.

You are now well armed and should have the the confidence to know ;

What to do :

• have clear & realistic objectives
• understand the traditional three stages of buying property
• decided on your budget
• decided on your preferred location

When to do it:

• going to an estate agent
• viewing properties
• going to a bank if a mortgage is necessary
• contacting a notary to take care of the convenue/konvenju (contract of sale)
• understanding the process and fees of an estate agent & notary

What to expect:

• know the three main conditions of buying a property (shell, semi-finished & finished)
• having an understanding of which property condition best suits your situation
• have an insight into what First Time Buyer’s are buying
• have a good overview of what are the most common types of properties that are bought
• know what the main types of properties are
• having an understanding of the benefits of each different property type
• realising which property type best suits you
• an overview into general questions that are often asked by First Time Buyers.

All the information provided has been general and remember nothing is set in stone.

Everybody is individual and all properties are individual. Your needs and wants could even change during this process and also whilst you are viewing property. Don’t worry be flexible and just adapt to this change as it’s quite a normal reaction to have.

Be confident that you will find the property you want and ask for advice if you need it.

We wish you luck and congratulate you on soon becoming a home owner

So now you may be asking yourself what are the individual benefits of buying these properties ?

Flats

• You buy right at stage one and can start on the property ladder quickly
• You may find a large flat in a small block and it’s more affordable than a maisonette
• You can afford it and it fits in with your lifestyle
• Low maintenance home – hassle free
• High possibility of selling at a good price in the future and go to the second stage of buying i.e. buy larger home for family (step by step)
• You can share the costs of keeping and maintaining the common area

Maisonettes

• You have your own entrance
• You’ll have your own outside area
• You’ll have less people in the whole block
• More spce but think wisely – what space are you getting for your money?
• If it’s affordable you’re possibly entering the property ladder at the second stage and may not intend on selling it in the future.

Townhouses

• You’ll be at the second stage of buying property
• Central part of the village
• Own entrance / own roof and own yard
• Traditional period features
• Scope for renovation

Unconverted Houses of Character

• An abundance of original features that can be restored and brought back to life
• Uniqueness which comes at a cost, restoration,building and then yearly maintenance – so make sure you really can afford it and that you don’t bite off more than you can chew.
• Good investment – but be wary of the location and space it occupies , this is a competitive market
• Good for people who have the know how and can do much of the restoration work themselves, or know someone who can
• Once the conversion has been completed you will be the happy owner of a converted house of character which has become very well sought after and its value appreciated

Now you have a pretty good idea about the main types of property that are being bought by First Time Buyers and what the benefits are.  You may still have some questions or there are some grey areas so please take a look at the following questions that we are regularly asked:

Who pays for the maintenance of the common area in a flat?

This should be shared equally between all the flats that make up the block.  To avoid unnecessary future problems with neighbors ask that this is stated in the contract of sale (convenue/konvenju) and how often the place needs to be painted etc….

If I buy a flat do I have access to the roof?

You will have access to place your water tank and television aerial (possibly satellite dish). Some flats still do offer use of shared roof where you can hang your laundry.

If I buy a flat do I own the airspace?

In some cases yes you could own the airspace but this will pump up the price of the property as it’s value is higher than a flat that doesn’t offer airspace.  This is unusual but can be found.  In some cases you can still use the roof but not own it.

So if I don’t own it who does ?

Maybe another flat owner who bought the first flat and offered a good price for the airspace, or the original owner.

Why would the original owner still want the airspace?

It’s common that the original owner/contractor would possibly build extra floors in the future.

Who pays for the entrance of a maisonette?

Who ever owns the maisonette is responsible to put in their own external door and complete their stairs.

What about the facade?

It’s quite possible that the original owner will complete this, if not the cost will be divided between all the maisonettes.

Would I have access to the roof?

If you are not Ground or Elevated Ground Level you will highly likely have access to use of shared roof.

What if I don’t have access or use of the roof?

Some alternative outside area would be provided.  This depends on the design of the maisonettes.

Why would I buy a townhouse?

You would want a more traditional small house in the central part of the village.

Can I move into a Townhouse as soon as i’ve bought it?

Most of the time yes but bare in mind many of them are not adjusted to modern day living.  The bathroom and kitchen may need changing and updating.

How much would this cost?

That depends on the size of the room and the level of finishing that you want – shop around before you set your eyes on one thing.

Should I rip everything out and start from the beginning?

No, not if you have original features such as patterned tiles, stone columns.  If these are professionally restored they are beautiful to keep and will help the property hold its price if not increase it.

Can Unconverted Houses of Character really be found?

Yes they can.   You may need to buy in less popular villages or more out in the open areas.

How Long does it take to fully convert a house of Character?

This is not done in weeks or months but rather years and in stages.  Some people absolutely love these projects and will take a long time completing them as and when time and money permits.

Should I buy an unconverted house of character if I can stretch my budget ?

You should consider it but keep in mind the lifestyle you will be living until it’s completed. Again this is not for the faint hearted it’s a long term project that will be worth it in the end if you have the time, money and will power to see it through.

We hope that this information has been useful and that you have become knowledgeable about the styles of homes available.

In the next article we will discuss ‘FIRST TIME BUYERS ARE PREPARED’.