Property prices in the last quarter of 2013 rose sharply and are now back to the levels seen at the end of 2011, according to the Central Bank of Malta.

In the Quarterly Review, the Central Bank said that based on its advertised property price index, prices rose at an annual rate of 6.4 per cent in the fourth quarter of 2013, the fourth consecutive increase.

Prices went up in all categories, with only terraced houses prices showing any sign of slowing down.

During the last quarter of 2013, prices for apartments, which make up almost three-fifths of the properties sampled, rose by 4.5 per cent.

Higher prices for houses of character, villas and townhouses drove that category up 14.6 per cent.

The price of terraced houses rose by 5.3 per cent compared with 9.6 per cent in the third quarter.

The average price to purchase a maisonette was estimated to have risen by 4.2 per cent.

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