When it comes to budgeting for a new home, the first step is to look at your savings account. Banks will require a cash deposit of around 10% of the property price. If your piggy bank is empty, you need to start saving up. Keep that magic 10% figure in mind. 

How Loan Can You Go

The next thing to consider is the mortgage. You need to figure out how much the banks will loan you  - click here for more details on that. Bank policies vary, so make sure you visit several different banks to see what they would be ready to offer you based on your employment situation, age, savings and other factors. 

Perfect Property

Once you’ve got an idea of how much you can actually afford, you can start looking at properties. In Malta, prices vary radically for similar properties depending on location. So imagine your dream home, whether it’s a studio in Sliema or a House of Character in Rabat, and start checking out prices online. If you find homes in the target location are out of your reach, start looking at other locations that might do, until you find a match with your budget. 

As a very general guide, one bedroom apartments in Malta start at around €100,000; two bedroom apartments start at €150,000; Houses of Character can be as little as €190,000 but rise into the millions. In SDAs (Special Designated Areas where foreign, non-EU nationals can buy, such as Portomaso, Tigné Point, Fort Cambridge and Pender Gardens), apartments range from €220,000 to €5,000,000. Property in Gozo is considerably cheaper. For more guidance on buying property, click here.