Average first-time property buyer spends between €150,000 and €250,000

On average, first-time buyers in Malta tend to be 30 years old and spend between €150,000 and €250,000 on their first property.

The information came to light from a press conference held by Minister for Social and Affordable Accomodation Roderick Galdes with the Housing Authority CEO Matthew Zerafa, as reported by the Times of Malta.

The data came about following a preliminary analysis of the 2,600 people who applied for a €1,000-a-year 10-year grant scheme. Minister Galdes said that the Government is planning on investing €2.6 million on this scheme over the next 10 year.

Roughly 70 per cent of applicants purchased an apartment as their first dwelling, the majority of which were priced between €150,000 and €250,000, usually situated in St Paul’s Bay, Zurrieq and Birkirkara.

This echoes similar findings provided by the National Statistics Office, which found St Paul’s Bay and Birkirkara to be among two of the most popular localities for home-buyers.

In the four months since the scheme was launched, the Housing Authority received over 2,800 applicants.

“This data is consistent with previous studies we have seen in the past that show Maltese people leaving their parents’ home at an older age,” said Mr Zerafa.

While people in Mediterranean countries tend to leave at a much older age than most of their other European counterparts, a recent study by Eurofound revealed that this trend is declining in several Mediterranean countries, albeit slowly.

Mr Zerafa explained that a detailed report will be published at a later stage this year.