Most people in Malta looking to get onto the property ladder can only fork out €150,000 for a home, a new survey has revealed.
Despite the woes brought on by COVID-19 pandemic, more than half of respondents (58%) to a PriceWaterhouseCoopers survey are mulling over plans to buy property on the islands.
However, only 52% can only fork out between €100,000 and €150,000 for a property. PwC believes such a price bracket could be a potential pressure point in the market and drive up prices.
That figure is less than an average property on the islands. According to an online property pricing index, an average one-bedroom studio in Malta starts at €191,129.
The PwC real estate survey was conducted in December 2020 by Onest. It surveyed 450 targeted respondents in a mix of foreigners and locals living on the island, the majority of which were 25 to 34-year-olds.
Of those looking to buy, less than 1% of people could pay more than €500,000.
The majority (33%) of potential buyers said it was to move out of their parents’ homes. Less than a quarter (20%) said it was to upgrade their home and 14% said it was to purchase a second or holiday home.
Meanwhile, nearly a quarter (23%) were looking to buy a property as a rental investment.
Mosta and Birkirkara were the most hottest localities for potential buyers in Malta while Għarb and Għajnsielem topped the list for Gozo. Apartments and penthouses were the most in demand.
Geographically, Sliema, St Julian’s and St Paul’s Bay were sought after when it comes to rental property, followed by other central localities on the island, namely Ħamrun, Mosta and Qormi.
You can read the full survey results here.
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