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Malta property prices on the rise

Tuesday, March 01, 2011

Advertised property prices rose by 1.5% in the third quarter of 2010, on top of an increase of 0.5% during the previous quarter, the Central Bank reported today. Reporting in the Quarterly Review on its ongoing survey of advertised prices, the bank said that disaggregated results showed that the overall increase was primarily due to higher asking prices for apartments and, to a lesser extent, for maisonettes and properties in the “other” category.

Prices of apartments – which made up three-fifths of properties surveyed – rose by 3.4% on a year earlier, contributing around 0.8 percentage points to overall property price inflation. Prices in the “other” category, which consists of townhouses, houses of character and villas, went up by an annual 7.1% . This was in line with the previous quarter’s increase and contributed just above half a percentage point to the overall rise in property prices.

Meanwhile, prices of maisonettes gained 2.2%, accounting for around 0.3 percentage points of the overall increase. On the other hand, asking prices for terraced houses dropped by 6.7%, thus lowering overall property price inflation by almost half a percentage point.

Source: Times of Malta

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