Malta: Property prices increase at a slower rate in Q1

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The Property Price Index rose by 5.6 percent in the first quarter of 2020 compared with the same period last year, but the increase was the lowest recorded since the third quarter of 2018. Data by the National Statistics Office indicates a gradual narrowing in the increase every quarter since Q1 2019, when prices jumped by 6.5 percent over the previous quarter.

Prices for maisonettes grew by 6.2 percent compared with the first quarter last year, when the category registered an increase of 3.6 percent. The Index for apartments, on the other hand, witnessed a smaller rise of 5.7 percent year-on-year after they soared by 7.3 percent in Q1 2019.

Terraced houses are reflected in the Property Price Index aggregate, but specific indices are not published because of the lower number of transactions per quarter.

Across the EU, house prices saw a rise of 5.5 percent between Q1 2019 and Q1 2020. The highest annual increases occurred in Luxembourg (14%), Slovakia (13%), and Estonia (11.5%) while only Hungary witnessed a decrease (1.2%).

Compared with the previous quarter, however, Malta was one of four EU members to register a decline in property prices and, at -4.3 percent, it was the biggest drop among them.

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