A new look into the average cost of a residence in every locality in Malta shows the stark reality of Malta’s modern housing market in black and white – and it ain’t pretty.
The Federation of Real Estate Agents Malta looked at the average price of a 100 square metre apartment that was newly built and fully finished in April in each locality. Considering the costs of one-bedroom, two-bedroom, and three-bedroom apartments, they discovered that the absolute cheapest option comes in at €173,000, for a one-bedroom apartment in Żabbar.
Valletta, Sliema, Swieqi, St. Julian’s and Tal-Ibraġġ all crossed the €300,000 mark for a one-bedroom apartment
And if you wanted a three bedroom apartment in Valletta, Sliema or St Julian’s, get ready to fork out over €400,000.
Żabbar, Tarxien, Qormi, and Ħamrun were the most affordable localities, with a one-bedroom apartment coming in at the €170,000 range.
And the disparity in prices becomes really evident when you realise a three bedroom apartment in most localities still ends up cheaper than a one-bedroom in any of the most expensive localities – it is much cheaper to get a three-bedroom apartment in Madliena than a one-bedroom apartment in Swieqi, for example.
People were shocked to see that there was nothing newly built and fully finished in the €100,000 price range.
With migrants renting out horse stables to sleep in and the aspect of ever buying a home quickly receding from the dreams of Malta’s youths, you begin to wonder – how much is a one-bedroom apartment in Għarb, Gozo, going for nowadays?