Property Prices "Stable"

The Times of Malta published on it's back page today 27th. March 2006 an article with the above title. The full article can be read by clicking here.

Excerpt from article:

Property prices have levelled off after a steep increase over the past few years, estate agents told The Times in reaction to a European report ranking Malta highest in the EU for property price rises in 2004.
Douglas Salt, the president of the Federation of Estate Agents, confirmed that the steepest increase in prices was seen in 2003 and 2004, adding that this was partly due to the pre- and post-EU accession exhilaration.

Personal Comment:

Also view the 2004 budget synopsis published by The Times of Malta by clicking here.
wherefrom we find the below extract:

Notification of a promise of sale

Promise of sale related to sale of property or any other transfer will be notified to the Inland Revenue Department. Upon notification, there will be paid 1% provisional duty on documents on the value of the property being transferred. This payment will be deducted from the total payment made on the deed of sale or will be refunded whenever the promise of sale is cancelled.
This will apply as from 1 January, 2004. Existing promises of sale will have to be notified under these new provisions by 30 June, 2004. Promises of sale for contracts that will be published before this date do not need to be so notified.
Any promise of sale that will not be registered according to these regulations will not be legally valid.

Comments

  1. Report says that.."Property prices in Malta are falling, after a short-lived surge in the first half of 2010. Malta’s overall house price index dropped by 2.61% over the year to Q1 2011, according to the Central Bank of Malta."
    Newbuy

    ReplyDelete

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