Decline in advertised property prices slows down
Advertised property prices dropped at a slower pace in the September quarter than earlier in 2009, the Central Bank said today.
It said in its Quarterly Review that advertised prices dropped by 2.5 per cent. There had been a drop of six per cent in the second quarter and 9.9 per cent in the first.
"The third quarter's relatively modest fall in the index appears to indicate that the recent negative trend in property prices is reversing course," the bank said.
It said the number of advertised properties dropped by 24.1 per cent following a 28 per cent decline in the June quarter. The number of building permits issued by Mepa was down by 39 per cent in the third quarter.
The CBM said lower asking prices were reported in half of the eight categories it covered in its survey. The biggest contributors to the decline were shell and finished flats, with prices falling by seven per cent and 2.9 per cent, respectively. These categories together make up more than half of the monitored properties.
Reductions of 4.2 per cent and 8.9 per cent were registered in the asking prices of finished maisonettes and town houses, respectively.
Demand for terraced houses appeared to have remained buoyant and prices increased by 3.4 per cent.
Prices for houses of character villas and maisonettes in shell form rose by 5.6 per cent, four per cent and 5.6 per cent, respecitvely.
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Rüdiger Ernsting
Feb 20th 2010, 09:29
Sorry my maltese friends, the prices of property in Malta are much to high ! And I don`t accept the opinion that the reason for the high prices is that Malta is a small island and the property is limited.Every year in my holidays I can see that one third of property in Malta is empty and for sale.The market rules the prices.For the same money you have to spent for a "chicken-box" in Malta you can get for example in germany a house with two flats and a showroom in the mainstreet of small towns.In spain you can buy for that money a terraced house with nice seaview.Not to talk about the property prices for example in Florida.So why should a foreigner buy a property in Malta ? And young maltese couples can not afford ! I`m sure the prices will go down more in the future.
Bryant Jones
Feb 18th 2010, 21:22
They will fall even more in months to come, following Britains trend, as now a days people prefer to rent as oppose to buy, this way they are not bound or tied in any legal agreement bar the renting contract., however i don't think many foreigners are rushing to come to Malta and invest in this present climate of uncertainess really, in my case i want to sell my villa in Gozo and return back home as we can,i have benn trying to sell up for ther past 2 years, no buyers at the right price without being out of pocket,.had enough, besides there is no place like home and for us home is GreatBritain
R. Gauci
Feb 18th 2010, 18:44
They're still unreachable for many young couples though!