The analysis shows that the increase was mainly due to a sharp increase in the cost of land due to its scarcity. Other factors include high demand and resale transactions.
The cost of construction has increased by 160% in 10 years, and the cost of land has increased by 200%. Currently, land accounts for about 83% of the cost of housing.
The report of the National Statistical Office (NSO) notes a change in the structure of the housing market: for the first time, the total cost of apartments exceeded the cost of townhouses. In 2024, the cost of apartments was 39.5 billion euros, while the cost of townhouses was 33.2 billion euros, although the number of apartments is almost three times the number of townhouses.
For decades, townhouses have consistently remained the most expensive housing in Malta, but the rapid expansion of apartment construction has changed the balance.The report explains the rising cost of Malta's housing stock due to a variety of factors, including population growth and a boom in construction activity.
Source: Malta Today
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