According to a study conducted by one of the largest real estate agencies in Malta, Re/Max, the gap between asking and eventual selling price of property was around 15.5% in 2014. This is lower than in 2013, when it was 16.21% and in 2012 when it was 23%. Although the figures are only those of one agency, it is the largest on the islands, and the numbers also exclude Gozo, as the market there is much smaller and might not be as significant. The figures also do not reflect the properties that are being sold through brokers, which are around 60% of the properties. Nevertheless, the figures show an interesting development with the prices of real estate in Malta, and the estate agency also gave information about how long it took for a property to be sold.
The director of Re/Max Malta said that properties, which are listed with multiple agencies were on the market for an average of 521 days. When the asking price of these properties was dropped they were on the market for another 133 days. The total number of days of a listing was almost unchanged to that of 2013. This shows that buyers will usually only be interested in a property once the price has been lowered.
In general, the real estate market of Malta is full with properties waiting for a buyer. However, the fact that there are plenty of properties does not affect the prices negatively. Quite the contrary, the property prices in Malta have been rising in the last years and the demand has grown significantly. The growing economy leads to more people and companies moving to the islands and the Global Residence Programme and Individual Investor Programme attract more foreigners to buy property and invest in Malta.
Many of our clients that move to Malta either for personal or for business reasons are also looking to rent or buy property. As part of our services, we are also working together with estate agencies and can help you find a property that suits your needs.
