Buy property to Rent
- Pendergardens is located in the St Julian’s district of Malta
- Excellent and Central Area
- Many whom have purchased a second home at Pendergardens and have opted to rent it out
- Penderargardens is growing into a diverse, well-balanced community
- It is also becoming a multi-national and cosmopolitan community
- Real estate agents most familiar with the project are promoting Pendergardens as Investment with a ‘Proven Excellent Rental Return’
- In fact, the development has recently been placed by a leading Real estate agent as having the best rental return percentage – averaging 6 % per annum on an apartment averaging at 255,000 Euros
- One may buy and let out as many apartments as Pendergardens is a Special Designated Area
- High quality finishes internally (common areas and apartments) and externally (piazza, walkways and car park)
- All apartments previously available for let; have been rented out
- More properties on the market shortly, with 1, 2 3 bedroom apartments, Villas and Duplexes to complete Phase Two
- Parking spaces cost 20,000 Euros and a lock up garage costs 28,000 euros. A space is essential in this area and normally flats are rented out together with their respective parking space/ lockup)
Ground Rent
At Pendergardens, you’ll hear the word ‘Emphyteusis’. It means a contract whereby one of the contracting parties grants to the other, in perpetuity or for a time, a tenement for a stated yearly rent or ground-rent which the latter binds himself to pay to the former, either in money or in kind, as an acknowledgment of the tenure.
Capital Gains Tax
Where a grant in emphyteusis is made in perpetuity, the emphyteuta, even though the ground rent may be revised at stated intervals of time, shall have the option to redeem the ground rent, normally at the rate of 5% (20 times the annual ground rent).
(Source: Inland Revenue)
Malta Value Added Tax
VAT was reintroduced into Malta on 1st January 1999 as required by the EU accession process at a rate of 15% with a reduced rate of 5% applicable to tourist accommodation or the letting of sites for artistic or cultural activities. The budget for 2004 included an increase in the VAT rate to 18%.
