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The Real Estate Market evolvement in 2024
The Maltese property market in 2024 remains dynamic, characterised by consistent price growth and evolving demand. Property prices have seen significant increases, with the Residential Property Price Index (RPPI) rising by 6.8% year-on-year as of Q2 2024. Apartments still remain highly sought after, particularly in urban areas like Sliema and Valletta, while houses and maisonettes also show strong growth, reflecting broad demand across property types
Several factors are driving this growth and the rise in more remote workers has led to increased interest in properties that offer space for home offices and outdoor areas. Urban areas known for their cultural vibrancy, such as the Three Cities and Marsascala, are gaining popularity, especially among younger professionals
Additionally, Malta’s thriving tourism sector continues to fuel demand for both residential and commercial properties, however, affordability remains a concern. Over the past decade, property prices have risen dramatically, outpacing conventional wage growth. This has made it difficult for many young people to afford homes without family support or government incentives, such as the immensely popular first-time buyer schemes that are on offer.
Despite these challenges, the high demand for property, especially in the high-end and luxury sectors, indicates a resilient market with opportunities for wealthy investors that are looking for a safe hedge against inflation.
Overall, Malta’s property market is expected to continue on its current growth trajectory, supported by both local demand and international interest but the affordability issue could become a growing challenge if prices continue to rise at current rates.
We take look at some examples of the entry level, mid-range and luxury properties that currently for sale in Malta and Gozo:
Vittoriosa, Finished Maisonette | On the market for €215,000
This fully converted one-bedroom MAISONETTE, located in the heart of historic and touristic Vittoriosa, is impeccably decorated and boasts MTA permits. The property features a ground-floor kitchenette and dining area with a shower room, while the upper floor offers a double bedroom with a cosy sitting and reading space. Already listed on Airbnb with excellent reviews, this property is full of character and perfectly positioned for short-let rentals, making it a fantastic investment with guaranteed returns.
Xlendi, Furnished Apartment | On the market for € 205,000
A fully furnished studio APARTMENT on the 3rd floor, just a few meters from Xlendi Beach and conveniently close to all amenities. Finished to good standards, this property features an open-plan layout combining the bedroom, kitchen, dining and living areas, which lead onto a front balcony. It also includes another bedroom/study room and a main shower room. The apartment is equipped with a lift, a washing machine, and an air-conditioning unit, making it an ideal choice as a summer holiday home or rental investment.
Sannat, Converted Farmhouse | On the market for € 420,000
Tucked away in a quaint alley in Sannat, you will find this charming converted FARMHOUSE. Perfect as a holiday hide away or permanent residence. The entrance opens onto a lovely courtyard/garden area with developed fruit trees and leads to the external stairs and up to a sunny covered terrace. Off the terrace you will find a sitting room, with wood burning fireplace, and a combined kitchen/dining room. An internal staircase leads down to two double bedrooms, one with dressing room and a common bathroom en suite. Ideal as a peaceful retreat with ample external space for a potted garden and even a small plunge pool.
Tarxien, Double Fronted House of Character | € 425,000
This timeless HOUSE OF CHARACTER exudes charm and history and is over 500 years old. It boasts a double-fronted facade and is situated on a 200m² plot. The property features a welcoming front room that opens into a spacious 60m² central courtyard. The ground floor offers ample space for a kitchen, living and dining areas, all with views of the courtyard, along with a main bathroom. Two staircases – one internal and one external – lead to the first-floor room, currently used as a bedroom, with access to a rooftop terrace that allows for further expansion. With significant potential for development, this property could be transformed into a beautiful 3-bedroom family home with an inviting outdoor entertainment area.
San Lawrenz, Furnished Farmhouse | € 1,750,000
This beautiful FARMHOUSE has been recently restored and is located in the peaceful outskirts of San Lawrence. The property is surrounded by serene countryside and boasts breathtaking country and sea views, making it a perfect retreat away from the hustle and bustle of city life. The luxurious south-facing home is finished to an exceptionally high standard with top-of-the-line features throughout. It has been recently upgraded with new top-quality bathrooms, a new kitchen, pellet stove, 8 PVC solar panels on the roof, air-conditioning, newly tiled pool and pumps, Wi-Fi points in every room and a newly installed, under floor heating system throughout the house. The outdoor space of the property is well-sized and features a swimming pool and a Jacuzzi, lounging zone and alfresco area. The property is full of charm and character, with a range of original architectural features such as high ceilings, arches, original stones and lovely patterned tiles throughout. The accommodation consists of a reception area, central yard, combined sitting room, magnificent dining room and state-of-the-art kitchen equipped with the most modern and top-quality appliances. The property also boasts a game room with a pool table, storeroom, study room, four double bedrooms upstairs (all with en-suite facilities), a separate laundry room with quartz top and a spacious roof terrace that is perfect for entertaining.
Sliema, Furnished Apartment | € 1,350,000
An exceptionally finished and furnished APARTMENT with excellent sea views forming part of a modern block situated close to all amenities. Layout comprises of an open-plan kitchen, living and dining room which opens up onto a spacious front terrace which enjoys sea views, three bedrooms, master with en-suite and a walk in wardrobe, a guest bathroom and a half bath. This beautiful property is further complemented by an interconnecting car space which is included in the price.
If you want to know what your property is worth or simply want to discuss the state of the property market in your area, why not give us a call?
