Maltese house prices up by 7% from 2023 figures – Eurostat

In the second quarter (Q2) of 2024, Maltese house prices rose up by seven per cent when compared to the corresponding period in 2023.

These figures, based on the House Price Index (HPI), were published by Eurostat, the statistical office of the European Union.  

Throughout the analysed periods, Malta’s property market has consistently experienced price increases. Notably, house prices in Q4 2023 and Q1 2024 rose by 6.7 per cent compared to the corresponding periods in 2022 and 2023, respectively.

Naturally, price increases were also reflected from one quarter to next. Malta’s house prices in 2024’s Q2 increased by 1.8 per cent from Q1.

Are price increases noted in other EU areas?

The increase in house prices, when compared with the same quarter of the previous year, was measured as 1.3 per cent in the euro area and 2.9 per cent in the EU.

During the first quarter of 2024, house prices fell by 0.3 per cent in the eurozone and increased by 1.5 per cent across the EU.

Like Malta’s house price increase between the first two quarters of 2024, prices in the euro area rose by 1.8 per cent and by 1.9 per cent in the in EU in Q2, compared to Q1.

Among the Member States for which data is available, six showed an annual decrease in house prices in the second quarter of 2024, while 20 showed an annual increase.

The largest annual falls were registered in Luxembourg (-8.3 per cent), Finland (-4.8 per cent), and France (-4.6 per cent). Conversely, the highest increases recorded over a one-year period were recorded in Poland (+17.7 per cent), Bulgaria (+15.1 per cent), Lithuania (+10.4 per cent) and Croatia (+10 per cent).

Compared with the previous quarter, prices decreased in two Member States, remained stable only in Hungary, and increased in 23 member states.

France and Belgium both registered a decrease of 0.2 per cent while the highest were recorded in Croatia (+4.3 per cent), Portugal (+3.9 per cent), and Spain (+3.6 per cent)