Property prices in the Western village of Bahrija increased by the greatest amount of any locality for the fourth month in a row, according to property market analysis company Djar in its July 2021 report.
The firm’s monthly report shows that average prices in the locality increased by 1.58 per cent in July when compared to the previous quarter, marking the fourth time in four months that average prices in the area increased by more than one per cent.
It comes as the COVID pandemic has brought with it a seismic shift in the property market.
Buyers and letters, many of whom have been forced to spend more time inside their properties than ever before in the last year, have reassessed their priorities to focus more on quality of life, and now seem to be looking for higher-quality properties with more internal and outdoor space.
Bahrija, which currently has multiple swathes of ‘agricultural land’ listed for sale with various property agents, seems to be fitting the bill.
On the other hand, properties in more urban areas, like the capital Valletta and those in Kirkop, which neighbours Malta International Airport, led price drops, falling by 1.01 per cent and 1.58 per cent respectively.
Both localities were also present in multiple consecutive monthly reports, lending weight to suggestions that a property price correction is underway.
Aside from Bahrija, Xlendi (1.01 per cent) in Gozo and Ghaxaq (0.82 per cent) in the South of Malta led price increases.
The seemingly increased appeal of both villages, which are surrounded by swathes of agricultural land reiterates a trend by which many of those that can are moving away from densely populated urban centres.
It is not clear how long this trend can persist. According to a Eurostat report in May, Malta will have the highest increase in the proportion of its population living in urban environments in the coming decades.
An estimated 35.4 per cent larger share of Malta’s population will be living in an urban environment by 2050, according to the report.
Featured Image:
Bahrija/ mocah.org
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