However, for those on the other end of the housing market, there are some bargains to be had. For example, you could buy a Grade 1 listed national monument to be your summer villa.
Finance Minister Edward Scicluna confirmed in Parliament that plans for the sale of Selmun Palace and hotel are currently being drawn up.
The 18th-century palace had been commissioned by the Monte di Pietà before becoming a hotel owned by the Selmun Palace Hotel Company Ltd – a subsidiary of Air Malta.
Air Malta had closed the hotel in 2011 to focus on its essential operations, and it’s been on the market ever since.
But according to Scicluna’s statement, the sale could finally be on its way, and government officials have said there is currently an open process where people can apply and submit an offer for the beautiful yet derelict Palace.
Environmentalists aren’t too happy with the Palace being up for sale, seeing it as just another part of the Maltese identity that is being sold for profit.
“It’s just crazy that every national historical site we have we want to privatise and close off to the public. We keep building hotels for people to enjoy Malta but what is gonna be left for the Maltese to enjoy,” said one environmental activist to Lovin Malta.
Alternattiva Demokratika’s Arnold Cassola has also spoken out against the sale of Selmun Palace, asking what could be next in line for sale.