53% Increase In Housing Prices In Malta Since 2015
The average price of a house has increased by 48% since 2015, according to a Eurostat study.
The highest increase in price has been in Hungary with a staggering 173% increase, and the lowest increase was Finland with just 5%.
Malta registered a 53.4% increase in housing prices since 2015, a Eurostat study revealed.
The study explored rising housing costs in the European Union (EU) and found that the average price of a house increased by 48%. The highest price increase was recorded in Hungary with a staggering jump of 173%. Conversely, Finland registered the lowest rise with just a 5% increase.
The primary factors driving up prices include rising construction costs and mortgage rates, reduced building activity that limit supply, and a growing trend of purchasing properties as income-generating investments.
The renting sector has also been experiencing inflammatory prices with an average rise of 18% from 2010 to 2022 in the EU, due to the increase of short term lets as well as taking houses and flats off the market.
Many Europeans are worried about rising prices, the cost of living, and the overall economic situation. According to the July 2024 Euro-barometer survey, these were the primary reasons that motivated people to vote in the European elections.
In 2021, the European Parliament urged EU countries to recognise adequate housing as a fundamental human right, ensuring equal access to safe, sanitary, and energy-reliable housing. In July 2024, Ursula Von der Leyen was re-elected as President of the European Commission and highlighted housing as a key priority, announcing the creation of a new EU commissioner role dedicated to housing.
Later, in October 2024, MEPs discussed with Vice-President Margaritis Schinas the need for sustainable, affordable housing, raising concerns about homelessness, barriers to homeownership for young people, and the need for increased investment in social housing.
Have you been impacted by rising property prices? Let us know in the comments below.
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