Photo credit: wparadiso
House prices in Malta fell even further this year, according to the country’s latest figures, improving investors’ chances of picking up a property bargain.
The report, published by The Central Bank of Malta, found that house prices fell by 2.6 per cent in the first quarter of 2011. The drop in the residential property price index was the second quarterly dip in a row, making Malta increasingly more attractive for holiday home buyers.
The fall in property prices is mainly attributed to the reduced value of terraced housing, adds OPP , which has decreased by 6.1 per cent year-on-year. But other properties have become more affordable too, with townhouses and villas also falling by 12.8 per cent from 2010.
Prices rose, however, for apartments over the 12 month period. Flats, which make up almost 60 per cent of the Maltese properties surveyed, increased in value by 1 per cent.
The Bank’s report also revealed that there are now fewer houses in Malta for sale. While the number of advertised homes decreased by nearly 10 per cent, the Malta Environment and Planning Authority issued 25 per cent more building permits for the construction of new property, the majority of which are apartments.
As house prices plummet and more flats are built, Malta is more appealing than ever for overseas property buyers.
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