Malta is known for distinct characteristics – the sun, the sea… and, more recently rent prices that aim for the moon.
Half of all tenants who signed new rental contracts in the second half of 2022 paid more than €800 a month, which is more than the islands’ legal minimum rent.
According to government figures, as of January 2023, the national minimum wage is €192.73 per week, which comes to around €770 a month.
And while the minimum wage has not increased significantly over the past decade, the average rent doesn’t seem to be stabilizing, with a 7% increase recorded in prices, according to the Housing Authority.
This increase would be 9% if rental contract renewals were included.
Almost one in three rentals was over €1,000 a month, but the most common bracket was between €700 and €899.
Only 3% of rentals exceeded the €2,000 mark, with most of these high rent agreements signed for properties in Sliema, St Julians, and Swieqi.
The study, by economist Brian Micallef, found that St. Paul’s Bay – which also incorporates Bugibba, Qawra, and Xemxija had the greatest concentration of rentals – a total of 7,000 rental contracts.
It shows that while 15% of all rental contracts are located in St Paul’s Bay while Sliema accounts for 8% of the rental market, followed by Msida at 6%.
How much rent do you pay in Malta?