Moving to Malta

Seyedo New member

6POSTS

14 years ago

Hi

I am a single doctor and I've been offered a job in Malta and I am supposed to start work in July.

I have some questions and I hope you guys can help me.

My salary would be around 2000 euros. Is that enough to live comfortably and would I be able to save?
How much tax do I have to pay?
What is the cost of living for a single person? food? utilities?

I'm thinking of renting a 2 bedroom apartment in Msida. How much are the rents for such an apartment?

I don't want to pay too much for rent because I want to save, also I don't want to live in a s*** place either.

Shall I get a furnished or unfurnished apartment?

How much would it cost to furnish a 2 bedroom apartment? just basic furniture and appliances, nothing fancy.

Regards

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Seyedo New member

6POSTS

14 years ago

Thank you toonarmy9752 for you reply.

Yes I meant 2000 per month.

So about 500 euros per month for tax and NI. What is NI if you don't me asking?
I was expecting the tax to be around 700..

So after tax I would be left with around 1500 euros.

If the average rent is about 300-500, that means I would have about 1000 euros left. How much you think I can save per month?

I have found an unfurnished apartment online for 350 euros per month. There are others which are furnished for about 450.
Do you think is it worth getting the unfurnished one or not?

scubaboy Serial expat

872POSTS

14 years ago

Depends on how much you spend...

Do you need a phone? Internet? TV? how much "going out" do you do? How are you going to get back and forth to work from your apartment ?? car ?? Petrol ?? Bus fares ??

You really need to expand on the details

Julian

Seyedo New member

6POSTS

14 years ago

Phone, Internet, TV Yes but not much going out.

Going to work either walking or by bus depends if my place is close to work or not.

Thank you

Toon Cyprus Expert

10240POSTS

14 years ago

you can certainly get furnished ones for that sort of money - much depends what you can live with and in.....and as scuba says much depends an your lifestyle.

Toon Cyprus Expert

10240POSTS

14 years ago

Phone (6euros a month) internet (maybe 15-25euros a month depending on speed requirements) tv depends onyour requirement ..... but all in packages are available from go and or melita and they are more cost effective.

janagn Active member

75POSTS

13 years ago

Hello,

I was reluctant to post salary figures on the forum but since someone was brave enough (thank you Doc) I will do it as well hoping to get some indication as to what I am up against. So I was offered a job in Malta in a software company for 33K and my wife at the University for around 41K. Mine is working roughly around 1800 per month, if I did the tax and NI maths correctly, and my wife's around 2700. Given the fact that we are, in absolute numbers, around 10K worst that in the UK, do you think that life with 2 kids will be comfortable in Malta?

Any idea or advice will be much appreciated.
Kind Regards
Yiannis

ricky ViP

3522POSTS

13 years ago

Hi Yiannis,

thanks for posting exact figures. It is always a great help and guidance for others to know what salaries are paid in different sectors.

I can assure you that your family income will be amongst the top 10 % in Malta, probably even a bit more than the PM earns !

You don't need to worry about cost of living and private school fees in Malta. If you don't squander on a luxury villa and private yacht you should be able to save money!

Just don't consider buying property for the first few years.

Cheers
Ricky

janagn Active member

75POSTS

13 years ago

#10

Thank you Ricky,

Good to hear these news. I am not planning to embark in luxury life or anything like this. Just a tranquil life under the sun. The advice about buying property is also a good one. I was not planning to anyway for the next 2 or 3 years till we feel secure enough so for the now we are in the process of finding a place to rent.

Kind Regards and thank you
Yiannis

KemKem Active member

50POSTS

13 years ago

#11

Ricky,
Any idea what a pharmacist's salary is in Malta? I don't intend to practice, it would just be nice to know in case..
As always, thanks for all the useful information

Kemkem

georgeingozo ViP

3703POSTS

13 years ago

#12

I believe pharmacists are generally self employed

ricky ViP

3522POSTS

13 years ago

#13

Hi Kemken,

it depends on the job role.

As George says many are self-employed and run their own pharmacy but there are many employed by the licence holder (owner) of a pharmacy.

A Senior Pharmacist working for the Government Health Care earns between 19.000 and 22.000/year.

A Managing Pharmacist in a private pharmacy will probably be earning around 21.000 gross/year.

A owner Pharmacist will be earning a lot more depending on the sales figures and cost structure. The fixed profit rate is 16,6 % of sales.

But licences are limited to 1 for every 2500 inhabitants so you have to take over a pharmacy with a licence to get one !

Cheers
Ricky

KemKem Active member

50POSTS

13 years ago

#14

Thanks a lot for the information. Very useful! I hope l never have to use it anymore..

a bit tired of working..

Kemkem

Seyedo New member

6POSTS

13 years ago

#15

ricky wrote:
Hi Yiannis,

thanks for posting exact figures. It is always a great help and guidance for others to know what salaries are paid in different sectors.

I can assure you that your family income will be amongst the top 10 % in Malta, probably even a bit more than the PM earns !

You don't need to worry about cost of living and private school fees in Malta. If you don't squander on a luxury villa and private yacht you should be able to save money!

Just don't consider buying property for the first few years.

Cheers
Ricky

Why shouldn't he consider buying a property if you don't mind me asking?

I myself was thinking about that.

georgeingozo ViP

3703POSTS

13 years ago

#16

peoperty v overvalued, plus if you buy and then sell after say a year as you don't like the area (or Malta) you would lose 10% even if you sold it at the same price you paid, due to fees

ricky ViP

3522POSTS

13 years ago

#17

Hi Sayedo,

property prices in Malta are at just about the highest level they have ever been.

Even so there is huge over-supply already in the market with thousands of new appartments being constructed at the moment.

It is very easy to buy a property. A buyer is a king but the seller is a beggar. I know many Expats stuck with property they would like to sell but cannot get a price anywhere near what they paid.

Property prices in Malta are artificial asking prices. As not many are sold it is difficult to get a real idea of the actual value.

Building and mortgages are driven by cheap money. The typical mortgage rate is fixed for a few years and then flexible. As long as the rates are low it will work for many buyers but when the rates finally rise, and they will, what will happen then ? More properties on the market?

You have to be sure about where you want to live in Malta. That might mean moving a few times to find the right location. You can't move your own property if you find a noisy student appartment next to yours or barking dogs or a new construction site popping up for a few years. Maltese builders tend to take their time and make a lot of noise.

Just a few reasons why I would advise not to buy a property for the first year or two or more.

Cheers
Ricky

Seyedo New member

6POSTS

13 years ago

#18

Thanx alot for your reply.

I was really thinking about applying for mortgage and buying my own place. Good thing that I subscribed to this board.

Now I have to rethink some stuff..

Toon Cyprus Expert

10240POSTS

13 years ago

#19

well said ricky and george...i agree 100%

janagn Active member

75POSTS

13 years ago

#20

ricky wrote:
Building and mortgages are driven by cheap money. The typical mortgage rate is fixed for a few years and then flexible. As long as the rates are low it will work for many buyers but when the rates finally rise, and they will, what will happen then ? More properties on the market?

Hmmm that reminds me something.... It seems that there is a bubble and you must be pretty sure that you want to get into it so that even if it bursts you will have the excuse that you could do nothing else. For that reason and as long as people try to build and sell apartments maybe the best thing is to rent, as Ricky suggested, for 2 or 3 years.

Good morning
Yiannis

pauljd70 Active member

25POSTS

13 years ago

#21

Hey Guys, I wanted to weigh in (at the risk of a beating). I agree that house prices in Malta are artificially high, but thats always going to be the case in a closed market like Malta.聽 The question isn't so much about the prices now, but rather what do you want to do. Second guessing the housing market is like second guessing the stock market.聽 Like you said, the real thing is do you intend to stay.聽 No one can ever guess really, but I would say a year at most. its worth looking at the houses now.聽 Especially as it can take 6 months to a year to get sorted when buying a house. Interest rates are generally the lowest we have seen them around the world now, because no ones buying.. so you can get a great 30 year fixed. If your going to be around for long.. then its not such a bad idea to look at buying.聽 Deals do one up

Toon Cyprus Expert

10240POSTS

13 years ago

#22

Buying is fine for those who are in it for the long haul and have no intention of leaving for a long long time. Anyone who buys and hopes to make a bob or two is being silly.

ricky ViP

3522POSTS

13 years ago

#23

Hi Paul,

welcome to the forum.

What makes you think that Malta is a closed market? That is what the real estate guys tell their potential customers. But is it really true?

Even if it were to be true how long will it take for all the existing empty and unused or only used for several weeks a year appartments and houses to be sold off - including the vast stock of ones just being started or already having a permit. The only limiting factor for building in Malta is the availability of the necessary cranes-)))

My point is simply: Sliema - average 3 bedroom appartment (not seafront) = 300.000 聙

If you invest that amount longterm with a safe investment you can probably get around 4% interest = 12.000 聙 /year. That will give you 1000聙/month rent! If you have the money to pay cash.

Any mixture of downpayment and borrowing doesn't change the picture that much and only makes sense if you speculate on large increases in property prices before you want or have to sell. Increases in prices might counteract the inflation rate but what was true in the past does not have to true in the future.

But then it is , as you say, everybody's guess where the property prices will be in a few years time but not that many Expat's will be considering living in Malta for the next 10 or 20 years , let alone 30 years.

But I agree that if you intend to stay for 30 years in Malta and can afford the mortgage and repayment it can make sense to buy. But you should be sure of your location on Malta.

Cheers
Ricky

pauljd70 Active member

25POSTS

13 years ago

#24

I agree in part with what your saying. Malta is a closed market in that the movement is much less liquid聽 than what you see in the UK or where I am at the moment.聽 the relative slow movement of the market is due to a number of factors as we all know, not the least though that the buyers tend to be locals or long term people, but there is a lot of "investment" purchase.聽 Long term to me means 10 years or so.. not 30.聽 in 10 years you will se enough change in the market, but when you decide you want to sell is random and could always end up being in a slump. If you have 300K in cash to invest then there are better vehicles than property to invest in, but property, like metals, still remain some of the better vehicles to invest longer term in.聽 Part of the trouble聽 was created by people (brokers and buyers) trying to turn the housing market into the same system as the exchange and look to create liquidity on the same scale.聽 its what gave birth to 10 year mortgages flex terms that everyone knew could never be paid, but the assumption was you could dump before it hit.聽 Now the housing market is starting to re-settle and people are realizing that the old way of 20-30 mortgages wasn't a bad idea and that it promoted stability.. its getting better.

ricky ViP

3522POSTS

13 years ago

#25

Hi Paul,

I forgot to say : Happy 4 th July ...-))) Enjoy the fireworks.

We will be on the beach this evening in Sliema to celebrate. We always have our Expat meeting every Wednesday and that happens to be today

Cheers
Ricky

pauljd70 Active member

25POSTS

13 years ago

#26

thanks! Im at the inlaws in phoenix at the moment.聽 its been 100 plus degree everyday .. so beer drinking has been obligatory, with the bbq tonight

Groto Guest

0POSTS

13 years ago

#27

Well it is -2c here in Perth western Australia so I am envious of the warm weather!

TheDarkman Active member

72POSTS

13 years ago

#28

Groto wrote:
Well it is -2c here in Perth western Australia so I am envious of the warm weather!

Only vaguely related to what's being discussed, but I think the above quote highlights the importance of thoroughly researching your destination. I don't know anybody that would have any idea that it gets that cold in Australia !

Groto Guest

0POSTS

13 years ago

#29

Well pauljd was making me envious of the 100deg weather!

TheDarkman Active member

72POSTS

13 years ago

#30

I thought it was that temperature every day in Australia. Shows how little I know聽

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Groto Guest

0POSTS

13 years ago

#31

Well I am in western Australia, and I am in the country. We can have 45 to 49 celsius in the summer for weeks on end and then in the winter below zero most mornings. It is very extreme but very beautiful green and misty on winter mornings. I have fires burning in every room of my house at the moment.