Malta’s most expensive residential property presently for sale comes in at €13 million

According to publicly listed figures across the websites of Malta’s many real estate agencies, the most expensive residential property that is fully built and ready to move into, is a 16th century palazzo located in Qormi, for an eye-watering €13 million.

Palazzo Stagno, located behind the Collegiate Church of St George has an area of more than 4,000 square metres, and was originally built in 1589.

Not much is known about the Stagno family that lived there, aside from that they came from Messina, Sicily, and given the size of the property, they must have been quite wealthy. It served as the country residence of one of the Knights of the Order of St John, next in in line to succeed the Grand Master.

Since then, a plaque outside the palazzo was erected by the Qormi Local Council, testifying to its status as one of the oldest houses in the area.

In recent years, the property has been used to host a wide range of events, such as weddings, dinners, and pool parties, making use of the palazzo’s substantial outdoor area which features 260 fruit trees in total. The palazzo, which has been converted into a private residence, now houses a large pool area that contains traditional elements with a modern and more luxurious touch.

A Grade 1 property, Palazzo Stagno features 18 large rooms which have been converted to retain its architectural features, such as stone carvings and a private chapel. Upon entering the building, one finds a grand hallway that leads to a central courtyard, allowing access to terraces overlooking an orchard. It also features the traditional Maltese garigor (spiral staircase), going up to a turret that has distant views of both Mdina and Valletta.

In total, the property has four bedrooms and three bathrooms, all having high ceilings, characteristic of the time when it was built.

The building has a number of other architectural elements that are very interesting. English architect and academic Quentin Hughes, in his book “The Building of Malta during the period of the Knights of St John of Jerusalem 1530-1795,” makes reference to carvings on the palazzo’s façade, noting that they are more reminiscent of work from Spanish colonial times in Peru or Mexico, rather than anything that is usually linked to Malta.

Additionally, the palazzo’s windows and doorways are placed without any real care for symmetry, with none of the 167 apertures being of the same size.

The home has a six-car garage adjoining it, and also features three wells, including one of Malta’s largest dome-shaped wells.

Palazzo Stagno has been on the market for quite some months now, and while it may have a hefty price, it is an elegant combination of Renaissance elegance and modern-day luxury that is bound to pique the interest of a prospective buyer.

While other similarly grand palazzos and properties are currently on the market for sale, many will only share the price on request.

Property prices have skyrocketed over the past decade. Between 2010 and 2020 alone, Eurostat – the EU’s statistical office – has shown that house prices in Malta rose by 41.6 per cent, with particularly large increases between 2015 and 2020. The combination of factors behind the increase are many, but essentially boil down to demand and supply, and with Malta’s population exploding over the past 10+ years, it’s not difficult to understand why.

Malta’s luxury property offering has expanded over the years, with a wide array of detached villas, houses of character, and converted palazzos being put up for sale. While they are out of reach for many first-time buyers since most of these properties’ prices go into – and sometimes beyond – seven figures, they still generate a significant amount of interest.