Apartment prices tumbled because, for several years, there was a lack of sufficient quality in sought-after areas, according to the Malta Developers’ Association.

Mario Camilleri, a spokesman for MDA, said his gut feeling was that prices were now stabilising because the standard of newly-built properties was improving and the number of high-end earners with spending power appeared to be increasing.

The Central Bank’s property price index, published recently, showed the price of residential properties fell at an annual rate of 0.6 per cent in the first quarter of 2013, following a drop of 2.2 per cent in the previous quarter.

More details in the Times of Malta and timesofmalta.com Premium.

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