Malta ranks 23rd among 34 European countries for home affordability

A recent study by BestBrokers.com ranked Malta as the 23rd most affordable European country to buy a home in, among 34 other European countries, with an average of 232 monthly salaries (19.3 years) needed to purchase a 100-square-metre property.

The analysis covered 62 countries worldwide and based its findings on house prices relative to income, using data from the IMF, Numbeo, and TradingEconomics.

The count, however, is purely theoretical, meaning spending on food, accommodation, childcare or anything else a person might need or want is not counted.

The affordability ranking was determined by examining house prices, net monthly incomes, inflation, and real mortgage interest rates. The study used data about mortgage rates and projected inflation rates for the third quarter of 2024 to find out about the “real” mortgage rates for the third quarter of 2024 in various countries.

Denmark, despite its reputation as an expensive country, topped the list as the most affordable in Europe, requiring 114 monthly salaries to buy a home. Meanwhile, Slovakia ranked lowest, where a home costs the equivalent of 297 net salaries.

Globally, South Africa ranked as the most affordable country, needing 71 monthly salaries, while Nepal and Turkey were at the bottom, requiring more than 600 salaries to buy a home.