Gozo may be better known for its sandy beaches, crystal clear Mediterranean waters,idyllic countryside and unbelievable archaeological sites, but the area has fantastic real estate investment opportunities waiting to be capitalized upon.
The island of Gozo is a truly unique place due to its proximity and easy access to both Europe and the Middle East as well as a stark change from the hustle and bustle of everyday city life. It is no surprise then that more and more people are looking to purchase real estate on the island.
There are several professional real estate agencies operating in Gozo that offer a wide array of services. It doesn’t matter whether you are looking to rent out a vacation home for your getaway to Gozo or looking to purchase something more permanent.
Buying a house in Gozo is a simple two-stage process. First, the purchaser and vendor must meet at a notary which is typically appointed by the purchaser for the first stage, typically called the Promise of Sale or Preliminary Purchase Agreement.
This document should contain all the conditions of the purchase, and typically contains an initial deposit requirement for the purchaser to prove his commitment to the transaction. Once the Preliminary Purchase Agreement has been signed, both parties are bound by the agreement and cannot back out. If the purchaser backs out, the vendor can keep the initial deposit, while if the vendor backs out, the purchaser can force a sale through a court application.
If you are a non-Maltese national, you must obtain the Acquisition of Immovable Property (AIP) which is a permit issued by the Ministry of Finance permitting foreign nationals to buy real estate in Gozo. If you are a citizen of the European Union and have lived in Malta continuously for five years, you do not require an AIP.
Once the Preliminary Purchase Agreement is signed, the notary conducts a title search to make sure the property has a clean title. Once this is completed and the AIP, if required, is obtained, the final contract of sale can be signed completing the process.
Your dream home can become a reality thanks to the competitive prices, easy procedures and unparalleled environment that the island of Gozo has to offer. All you have to do is get in touch with one of Gozo’s esteemed real estate agencies to get the property of your dreams.