Feature: Upmarket flats boost the price of property

Upmarket flats boost the price of property

Advertised property prices continued to rise in the first three months of the year, according to the Central Bank of Malta.

The index compiled by the bank showed that prices rose by more than five per cent when compared to the same period last year.

It came on the back of another six per cent increase in the previous quarter.

Apartments fuelled the increase with prices jumping up by almost nine per cent.

“The main reason behind this relatively strong growth was the increased number of advertised upmarket properties in high value areas compared with previous years,” the bank said.

The index was published yesterday alongside the bank’s fiscal and economic quarterly review for the first three months of the year.

Asking prices in the “other” category, which consists of townhouses, houses of character and villas, rose by just over four per cent.

This increase was largely a result of higher asking prices for houses of character.

Maisonette prices were marginally down over their level a year ago while prices for terraced houses dropped by more than eight per cent.

The bank said the number of advertised properties in the survey contracted by three per cent.

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