Tista’ taqra bil-
In the first quarter of 2022, house prices in Malta, as measured by the house price index, increased by 6.7%.
According to provisional figures from the National Statistics Office, this increase is mainly due to the evolution of the house price index which stood at 135.95, registering an annual increase of 9.5%.
It was followed by the apartment price index which stood at 139.44, recording a rise of 6.1% compared to the first quarter of 2021.
Price changes for residential property purchased over the same period increased by 9.8% in the euro area and by 10.5% in the EU as a whole.
A recent property report from Dhalia Real Estate and Grant Thorton shows property prices in Malta have doubled from 2013, with rapid growth recorded in the five years to 2019.
A house that would have sold for €100,000 in 2013 would now cost €200,000 on the local property market, according to the study.
It also showed that young couples can only afford apartments of around 115 square meters, while single people are likely to struggle to afford property at current prices.
BE THE FIRST TO RECEIVE THE LATEST NEWS
Download the Newsbook app