of total respondents intend to purchase property
of respondents are planning to rent a residential property
of total respondents intend to purchase a property to move out their parents home
of total respondents are looking for property which is valued at €100k -€150k
"Historically the real estate market in Malta has been an important contributor to economic growth, and despite the significant economic disruption brought about by the current COVID-19 pandemic, the industry remains resilient on the back of strong consumer confidence, evidenced by the rate of real estate transactions experienced in the past months. The PwC Market Survey will continue to monitor consumer sentiment in the property market as well as provide insights into changing trends that may occur in the future."
This online survey, in which over 430 respondents participated, was carried out during December 2020 through Onest, and targeted the total population residing on the Maltese islands, hence including both locals and expatriates.
From a demographic perspective – the most dominant age bracket of participants is the 25-34 bracket - at 29%, followed by the 35 – 44 age bracket, at 23%. 59% of the total respondents are Maltese nationals, 27% are foreigners residing on the island and 14% live in Gozo.
Despite the current economic stress, the survey suggests that a significant 58% of the respondents are entertaining plans to purchase property and another 16% are on the lookout to rent property. 26% of the respondents who opted to take the survey stated that they have no planned real estate transactions.
Geographically, the Sliema/St Julian’s and St Paul’s Bay areas are the most sought for with respect to the rental of property in Malta and are followed by other central localities on the island, namely Hamrun, Mosta and Qormi.
Out of the total survey population interested in buying property, 80% are looking to buy property in Malta, whilst 10% are on the lookout for property on both islands and 10% wish to buy property exclusively in Gozo.
The survey provides insights into the ranges of property prices which the majority of the survey respondents can afford. 52% of those who are considering purchasing a property can have a budget of €200k or less.This high percentage in the population is likely to represent the first-time buyers, who, represent the highest driver for property purchase on the island. Arguably, such price bracket could be a potential pressure point, in view of the relatively low budget of the majority of the population seeking to purchase property and the apparent consistent upward trend of the real estate price index.
Around 43% of potential buyers are looking for apartments or penthouses, while a further 25% are on the lookout for maisonettes.
Mosta and Birkirkara are the most popular localities for potential buyers, conversely in Gozo, Gharb and Ghajnsielem appear to be the most popular locations.
Territory Senior Partner, PwC Malta
Tel: +356 2564 6892
Senior Manager, Assurance, PwC Malta
Tel: +356 2564 7804
Manager, Advisory, PwC Malta
Tel: +356 2564 2590