Multi-owner Properties in Malta and Gozo
To be sold by majority decision now
The Maltese property market will become more flexible since properties owned by more than one owner can now finally be sold by majority decision.
A recent amendment to the Civil Code had come into effect as of 1st April 2016. It allows the majority of owners in a shared property to be able to decide to sell the property by requesting the Courts to approve a proposed sale.
The aim behind this legislative change is to reduce the number of vacant, derelict and unused property by facilitating sales even when there is disagreement between owners.
Through these amendments, the time period after which a sale can go through by a decision of the majority has gone down from 10 years to three years.
The period of three years will apply with immediate effect. In other words, owners of properties which have been in this situation since 1st April 2013 or for a longer time may benefit from the new law. This will give a further push to the Maltese property market, which was much needed. Should you be looking for a property, do not hesitate to contact us concerning locations, market conditions and support for the purchase process.