Property price variations across Malta and Gozo
With an area of 316 km² (122 square miles), Malta is the world’s tenth smallest country by area, and with such scarcity of land, it’s no wonder that real estate has always been such a good investment here. Despite its small size, prices per square meter vary substantially from one region to another, and even within the same region from one locality to the next and within the same locality from one street to another. Understanding these differences could be very important when it comes to investing in real estate in this country.
The Nomenclature of Territorial Units for Statistics (NUTS) which divides the economic territory of the European Union for the purpose of producing regional statistics that are comparable across the European Union, divides Malta into the following regions:
Southern Harbour: Cospicua; Fgura; Floriana; Ħal Luqa; Ħaż-Żabbar; Kalkara; Marsa; Paola; Santa Luċija; Senglea; Ħal Tarxien; Valletta; Vittoriosa; Xgħajra.
Northern Harbour: Birkirkara; Gżira; Ħal Qormi; Ħamrun; Msida; Pembroke; San Ġwann; Santa Venera; St Julian’s; Swieqi; Ta’ Xbiex; Tal-Pietà; Tas-Sliema.
South Eastern: Birżebbuġa; Gudja; Ħal Għaxaq; Ħal Kirkop; Ħal Safi; Marsaskala; Marsaxlokk; Mqabba; Qrendi; Żejtun; Żurrieq.
Western: Ħad-Dingli; Ħal Balzan; Ħal Lija; Ħ’Attard; Ħaż-Żebbuġ; Iklin; Mdina; Mtarfa; Rabat; Siġġiewi.
Northern: Ħal Għargħur; Mellieħa; Mġarr; Mosta; Naxxar; St Paul’s Bay.
Gozo and Comino: Fontana; Għajnsielem; Għarb; Għasri; Munxar; Nadur; Qala; San Lawrenz; Ta’ Kerċem; Ta’ Sannat; Victoria; Xagħra; Xewkija; Żebbuġ.
The total population of 160,000 living in the Northern Harbour region make this the most populous district in Malta; and with the largest registered growth of 30.3% from 2012 to 2018, it is also the fastest growing. (Source: Malta National Statistics Office, Regional Statistics 202 Edition). This is followed by the Northern district, where a growth of 28.2% has been registered. The least growth was recorded in the Southern Harbour district, registering a growth of just 4.3%. Similarly, the population of the Gozo and Comino region increased every year where there was an overall population growth of 1,966 inhabitants.
According to data published in the latest Djar Property Report (Jun 2020), the average asking price per sqm on the market, for apartments in Gozo is €1475, which is less than half that of apartments in the Northern Harbour region at €3006 per sqm. This could be partly attributed to the exceptionally high prices being commanded for high end apartments in towns and villages like St Julian’s, Swieqi, Ta’ Xbiex and Sliema.
The research notes that in comparison to previous periods, this discrepancy has decreased in most regions, in part due to the rate of increase in average price of apartments being higher than that in houses. The lowest discrepancy has been noted in the Northern Harbour region, possibly indicating that demand for property in the region is substantial, regardless of the typology of the property. Furthermore, this region constitutes the highest supply on the property market.
Djar Property Report is published by Djar.com, a property portal that collates tens of thousands of web-based listings on a regular basis. The portal analyses data on different property characteristics, including location and sublocation, type of dwelling, prices, total area, bedrooms and bathrooms, where available. Djar has teamed up with EY Malta to provide reporting and market insights on the local property market.