University area rent question.

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mgrima68 Contributor

Member since 15 October 2010

mgrima68Contributor10 September 2011 11:17:24

133

My husband and I are thinking about buying a property around the Universtity for investment/rental purposes. I was just curious if anyone could give me and idea how much rent goes for in that area for a 2/3 bedroom? Is it hard to get renters because I noticed A LOT of forlet signs? And...is it crazy to rent out to students?

ricky ViP

Member since 06 September 2009

rickyViP10 September 2011 11:38:29

3522

Hi,

just a word of caution about buying property in Malta at the moment.

There are rumours in the market that next year the EU currency area will split into a Northern (New) Euro and the other Euro area. Malta will definitly belong to the southern Euro zone. The expectation is that there will an immediate fall in exchange rates against the Northern Euro , GBP and US $. Maybe up to 100 %. So what you buy might only be worth half by the end of next year.

In fact my German bank just warned me recently against holding Euro funds in Malta.

The other point of concern is renting apartments out to students. We live here in Sliema where there are a lot of places rented out to students and you can expect them to be wrecked within months. Also expect to be dealing with complaints from neighbours about behaviour and noise levels.

Consider yourself lucky if you find nice students wanting to rent long-term and not pack the place full of sublets to pay the bills.

I'm sorry for being so negative but that is our experience.

Cheers
Ricky

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