Malta now has more €1,500,000+ homes for sale than ones under €250,000

There are currently twice as many Maltese homes being listed for €1 million or more than ones with an asking price of €250,000 or less.

An analysis of listings on Pedament, which aggregates property listings from real estate agencies, reveals that the higher end of the residential property market has eclipsed affordable offerings.

The figures paint a stark picture of the situation many young adults are facing.

Only 2,080 of the 28,147 homes on sale in Malta are being advertised for €250,000 or less. More than double – 4,244 – are being listed for €1 million or more.

Strikingly, properties with an asking price of €1.5 million or more, at 2,668 listings, also outnumber those on the lower end.

A full quarter of the homes available for no more than €250,000 are in Gozo, despite the island only accounting for a tenth of residential listings.

Only around 20 stand-alone houses are available for this price. All are unconverted townhouses and houses of character, mostly found in Qormi, Birkirkara and Żabbar, requiring substantial investment to become liveable.

Raising the budget to €300,000 yields a far broader offering, with 5,075 homes available.

Even then, buyers will find themselves limited in some areas, with none of the 631 homes in Swieqi being advertised for under €300,000. Sliema and St Julian’s offer slightly more choice, with 14 of the 2,719 homes on sale falling within budget.

Unsurprisingly, there are no farmhouses, villas, bungalows or palazzi within this price range.

Buyers looking to spend €200,000 or under are largely left with properties on plan and garages, with the latter accounting for thee quarters of all the listings available at this price.

Pedament’s analysis comes as the country gears up for Finance Minister Clyde Caruana’s Budget speech.

Ahead of the general election held earlier this year, the Labour Party had proposed increasing the maximum property value eligible for first-time buyer support from the current €200,000 to €300,000, along with a slate of schemes and grants intended to help people get on the property ladder.