25,000 apartments up for sale on Malta and Gozo’s market in last quarter
Properties in Gozo showed the largest increase in asking price across the entire country in the last quarter of 2022 while the stock of properties on that island also rose, a report from Djar and EY reveals.
The average asking price in Gozo increased by 1.1 per cent in the last three months of the year when compared to the same period the previous year.
In addition to rising prices, the stock of available properties in Gozo increased to 10.86 per cent of the total available in the country, overtaking Malta’s western region which registered the least availability across the country last year.
Gozo was also the only area to witness an increase in the asking price per square metre in all types of properties, though it continued to offer the most affordable properties when compared to the rest of the country.
An apartment in Gozo, for example, cost an average of €1,662 per square metre last year, nearly half the figure seen in the northern harbour district (€3,164) and nearly €500 less than the second most affordable area, the south east, which includes localities such as Żejtun and Marsaskala.
Gozo was also the only area to witness an increase in the asking price per square metre in all types of properties, though it continued to offer the most affordable properties when compared to the rest of the country
The price per square metre of apartments in Gozo also rose at a higher rate than apartments in any other part of the country, with an increase of 1.28 per cent – more than double the 0.57 per cent seen in the northern harbour district.
Aside from gains seen in Gozo, apartments were the only property type to increase in asking price per square metre in all areas of the country last year.
Lowest rental prices are in still Gozo
As well as becoming more expensive, apartments dwarfed other types of properties in the number of listings for sale, with 25,00 on the market in the last quarter of 2022 – more than four times the number of penthouses and five times the number of maisonettes in the same period.
Despite the improvements seen in Gozo’s sale market, its rental market still registered the lowest prices across the country last year.
While a three-bedroom apartment in Victoria cost an average of €800 per month, in Sliema the same type of property cost an eye-watering €2,000.
Article source: Times of Malta