In the last quarter, housing prices in Malta surged by 4.5% compared to the same quarter of the previous year, as reported by Eurostat.

On a different note, when compared to the preceding quarter, Malta’s housing market still witnessed an increase, albeit at a rate of 1.5%.

In contrast, housing prices in the euro area experienced a notable decline of 1.7%, and a 1.1% drop was observed in the EU when compared with the same quarter from the previous year.

As we entered the first quarter of 2023, house prices in both the euro area and the EU increased, but only slightly, with a rise of 0.4% and 0.8%, respectively. This marked the first annual decrease since the first quarter of 2014.

Looking ahead to the second quarter of 2023, house prices in the euro area showed a modest increase of 0.1%, while in the EU, they grew by 0.3% when compared to the first quarter of the same year.

Among the Member States with available data, nine displayed a year-on-year decrease in house prices during the second quarter of 2023, while seventeen saw an annual increase.

The most significant declines were observed in Germany (-9.9%), Denmark (-7.6%), and Sweden (-6.8%), while the highest increases were recorded in Croatia (+13.7%), Bulgaria (+10.7%), and Lithuania (+9.4%).

When comparing housing prices with the previous quarter, prices decreased in eleven Member States and increased in fifteen. The most substantial declines were registered in Slovakia (-3.9%), Luxembourg (-2.7%), and Hungary (-1.7%), while the most significant increases were seen in Latvia (+5.1%), Bulgaria (+4.3%), and Estonia (+3.8%).

Written by: Luke Curmi – Head of Real Estate