An independent survey for RE/MAX Malta also found that 31.8% think now is the right time to buy a property on the island.
A recent in-depth independent survey conducted by Esprimi and commissioned by RE/MAX Malta has found that 59.8% of respondents believe the local real estate market is stronger in 2018 than it was in 2017. Beyond that, the survey also found that 31.8% of those interviewed believe that this is the right time to purchase property in Malta.
“These results are consistent with our regular quarterly surveys and lament the fact that the general public feel the positivity in the market,” says RE/MAX Malta CEO Kevin Buttigieg. “There will always be the small percentage of the public that are overly conservative.
“As a leading real estate company, we believe it is our duty to stay ahead of the trends and tendencies in the market, and to know the very latest information so that we can pass it onto our clients,” says RE/MAX Malta CEO Kevin Buttigieg. “This latest survey highlights the fact that the real estate sector on the island is continuing to go from strength to strength, with belief in it remaining strong. Most Maltese are still looking to buy property, and many believe that now is the right time to do so.”
The Esprimi survey, which was conducted using Computer Aided Telephone Interviewing techniques and interviewed 500 respondents aged 18 or over, used a sample that was representative of the general population. The respondents were made up of an equal mix of men and women, from across all the regions in Malta, and from across a variety of age groups and socio-economic categories.
Among the variety of interesting statistics that it unearthed, the survey also found that over 47% of those interviewed consider the property market in Malta to be stable, while those that don’t cite overdevelopment and the high number of empty properties as reasons why it might not be secure.
Nevertheless, property ownership certainly ranked top as an investment, especially when compared to other possible options including stocks, shares, savings and fixed accounts.
“Locally, there is no doubt that property remains one of the top investment options for those eager to see their money increase,” Mr Buttigieg continues. “Rental properties still generate around 6% per annum, which can provide investors with a much healthier return than the other alternatives available to them. There is an excellent range of investment properties and rental homes available at the moment, with many more expected to come onto the market in the coming months.”
The survey also questioned perceptions of the real estate market, and asked respondents if they had dealt with property agents in the past five years. Of those that had, there were some suggestions for improvement, including suggestions for agents to be more in tune with clients’ needs, to build trust, to provide better information about properties, and to be more qualified. “Generally, the survey found that agents were perceived in a positive light but are considered to be commission-driven, which is an understandable trait within the sector,” Mr Buttigieg continues.
“However, at RE/MAX we are well aware of the perception of real estate agencies on the island and regularly commission these surveys to help us understand the general market needs so that we can adjust our training and strategies to align and improve. In fact, over the next 12 months we will be rolling out a Service Standard to the general public in line with our commitment to the industry.”
Finally, Mr Buttigieg said he was also pleased with the survey results that found RE/MAX Malta to be the best-known real estate brand on the island, with 65.2% of respondents citing it as the agency that comes to mind first. “We very proud of our leading position in the market, and pleased that potential buyers, sellers, landlords and renters think of us when they are considering which agency to work with.”
For further information about RE/MAX Malta and detailed results of this survey, please visit Real Estate Market Research June 2018