Residential property prices in Malta fell during the first quarter of 2013, driven by large falls in apartment prices.
According to the Central Bank of Malta’s latest property price index, property values on the island fell by 0.6 per cent between January and March this year, with values of apartments – which make up approximately three-fifths of Maltese property activity – falling by 2.4 per cent in this period.
However, prices of both maisonettes and terraced houses rose in this quarter, by 2.3 per cent and 4.1 per cent respectively.
The number of properties being advertised for sales is also falling. According to the index, the number of advertised properties fell by 12.4 per cent on a year earlier, compared with a 7.9 per cent decline in the previous quarter.
Meanwhile, the number of building permits issued also fell strongly, with 27.3 per cent fewer permits issued compared with the same period a year earlier. The decline was mainly due to a lower number of permits being issued for apartments.