Gozo Property Prices Skyrocket By 87% Since 2018
If you bought a property in Gozo back in 2018, congratulations, you’re probably sitting on a small fortune. A new study by KPMG and the Malta Development Association shows that Gozo property values have risen by 87% over the past seven years. That means a €200,000 home in 2018 would now be worth around €373,000.
Other regions have seen sharp increases too, albeit less dramatic. Southern towns in Malta are up 69%, central areas 54%, while the Grand Harbour area has seen the slowest growth at just under 9% as reported by Times of Malta.
The study analysed more than 18,000 properties to track these changes and presented the findings at a national conference on the property market and construction sector organised by Property Malta.
The report also highlighted ongoing concerns about Gozo’s rapid development. Environmental groups have warned that rural areas are being transformed by large-scale projects, prompting calls for a moratorium on development.
The government has pledged to make Gozo a model for sustainable development, ensuring new buildings retain a traditional stone façade and the island’s village charm.
Despite these challenges, the construction and real estate sectors remain economic powerhouses. In 2024 alone, construction contributed €809 million (3.8% of GDP), while real estate added €1 billion (5.2% of GDP), with actual figures likely higher when accounting for related services.
The sector also supports around 25,000 jobs, or 8% of Malta’s workforce. Wages, though below the national average at €17,300, are rising faster than many other industries.
All in all, the study paints a picture of booming property prices, robust economic contribution, and a growing need for sustainable planning, particularly in Gozo, as Malta’s building sector continues to play a central role in the country’s economy and job market.
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