Federation of Estate Agents (Malta) - FEA

November 2005 saw the dissolvency of the previous maltese Association of Estate Agents, and the formation of the Federation of Estate Agents (Malta) which is endorsed by the GRTU (Malta Chamber of Small & Medium Enterprises).

The committee for Nov 2005-2006 has been elected and the members are:

SQL

62582

Cassar & Cooper

Belair

Frank Salt

Baron Properties

Island Properties

Property Line

The FEA has already lobbied hard together with GRTU for Mr. Tonio Fenech (the Finance Department Parliamentary Secretary) to review the proposed changes in capital gains tax , as presented in parliament for Budget 2006.
Some changes have in fact been forthcoming and a two tier system for capital gains tax has been accepted.

For links to an overview, and a full budget review by PWC please read my previous post.

To remain updated on any further changes please subscribe to my newsletter here: http://www.62582.com/subscribe.asp

Budget Review 2006 - Tax on transfer of Immovable property

November is normally a sluggish month in our trade.
This year, the budget announcements, and the CHOGM (Commonwealth Heads of Goverment Meeting), together with their entourage of over 800 personnel have turned the tables!

The sunny weather, with an occassional shower, is attracting a lot of enquiries from foreign professionals seeking a holiday home, or a home office in a safe, sunny and welcoming enviroment. On the other hand, the goverment, whilst seeking to encourage such interest, is also actively trying to cap the escalating property prices, which though still affordable to maltese first time buyers, threaten to go over the top.

The issue on whether the goverment should intervene, or let the market dictate, has become a hot debate. The issue concerns everyone of course.

So, on the 1st. of November 2005 Malta woke up to news headlines with the proposed changes to inheritance tax, and capital gains tax, presented by Finance ministry parliamentary secetary Tonio Fenech late evening on the 31st. October.

For an overview of the proposed changes and updates click here:
http://www.62582.com/propertysalestax.asp

and a full review of Budget 2006 by PriceWaterHouse Coopers Malta

The rains have set in today, heralding the first signs of winter. At our latitude, roughly 35 degrees North, we do not have a proper Autumn. The years here in Malta can be remembered as shades of summer and winter. Spring is easly percieved, but Autumn is elusive.

Although many people tend to shy away from looking at property on a rainy day, it is at this particular time of the year that one can properly inspect the effects of water on a property, be it for sale or for rent. And I do mean water as in rain, or as in torrents gushing through our multitude of valley roads soon after our second proper rainfall, and thereafter.

Water leaks, damp patches and drainpipe blockages must go down as some of the worst afflictions on older properties. Unlike electrical faults, rattling windows and creaking doors, a water leak is a nightmare to repair. Locating the exact point in need of resealing is no easy task, especially in the case of a faulty membrane, or water seepage through crevices in the wall.

I therefore do recommend, especially if you are purchasing, that you make the most out of the rainy season and use it to your advantage if you have a soft spot for older properties. A visit on a rainy day, or immediately after, will reveal any hidden defects as damp patches, mouldy smells, or outright puddles in the odd forgotten corner!

Another photo from the same Villa featured below. Full details can be found on www.62582.com/5076.asp

Long Let Villa with stunning views, terraces, garden & garage. Lm450 monthly.

Helping more People to pay more Rent

Housing Authority chairperson Ms. Marisa Micallef Leyson gives us more on the Housing Authority rent subsidy schemes, and changes she would like to see in the private rental market. The article was published on The Sunday Times of Malta June 26th. 2005, and the direct link is here http://www.timesofmalta.com/core/article.php?id=191327&hilite=marisa+micallef

A view for a Knight

Available for rent during the Summer months ! Enjoy this amazing harbour view from your 2 bedroom apartment in Valletta!! New on the Market at Lm350 monthly newly furnished and equipped. Full details on www.62582.com/4898.asp Booked for a long let from October 2005.

Professional Surveying and Valuation of Property

Following is a link to The Sunday Times of Malta dated Sunday May 29th. 2005 and featuring an article, under the same title, by architects Dr. Alex Buontempo and Dr. Stefan Buontempo MP:

http://www.timesofmalta.com/core/article.php?id=188575&hilite=property

Another article by Dr. Stefan Buontempo MP, this time on first time buyers, and featured in The Times of Malta dated Saturday 28th. May 2005 can also be found here:

http://www.timesofmalta.com/core/article.php?id=188408&hilite=property

More property and business related articles can also be found on www.62582.com

That Elusive Summer Long Let

Summer is kicking in again, and as always, the market is swamped with short let requests. Of course these enquiries are always a mixed blessing for estate agents as the other side of the coin reveals a much more difficult time negotiating rentals for a longer period.

In fact anyone hunting around right now for a well priced long let in the Sliema and St.Julian's area will know what I'm talking about. The "short lets" carrot is already within the landlords' sight and no one can blame them for jumping at every opportunity to maximize their income. However, if one looks hard enough, and that is what my job partly consists of, a few pleasant surprises do come up.

So......... this week's best value for money properties are:

A 2 bedroom apartment on the Sliema Tower Road seafront. Well furnished with large sitting room enjoying superb views - Lm160 monthly

A 3 bedroom wide fronted fully furnished flat in San Gwann with seperate large kitchen/dining and seperate sitting room - Lm150 monthly

A massive 3 bedroom fully furnished apartment in Swieqi with private roof. Wide fronted and very atractive layout Lm185 monthly.

A large and spacious 1 possibly 2 bedroom villa apartment, in Victoria Gardens, Ta' L-Ibrag, with lovely front garden enjoying good privacy. Easy parking outside front gate Lm115 monthly

All properties are available for viewing at short notice. The latest letting updates are always available online at www.62582.com together with other property related articles penned by reputable lawyers and accountants.

Short Lets in Malta & Gozo

I have recently published a page on www.62582.com to clarify what the usual summer rates are for short let properties on the Maltese Islands. The direct link to the page is http://www.62582.com/shortlets.asp

I hope this would save clients the hassle of browsing through long let property prices which are listed at the monthly rate, as opposed to the short let daily rate, and expecting the price to remain the same if the property is taken for a 1 month short let in August.

For those of you interested in Long Lets, following this link at http://www.62582.com/letting.asp will provide you with all the information you need should you be visiting the islands for a longer term, or if you are a maltese national renting for the first time.