The real estate market in Malta is constantly evolving. From year-to-year, new trends emerge as new developments are made available and people react to progress in the sector. With this in mind, it is important for local real estate experts to stay on top of people’s expectations for the industry, and to know the way tendencies are developing.
RE/MAX Malta achieves this by regularly commissioning independent surveys on the latest property trends on the island, across the demographics. One of the most recent surveys, which was carried out in Quarter 2 of 2017, led to a number of interesting findings. It was conducted by Esprimi, a joint venture of Business Leaders International which interviewed 500 people from all over the island and across socio-economic classifications.
As has been the trend for many years, the majority of respondents confirmed that they own their own home (72.4%). 101 respondents said they live in a property that is owned by someone else – often because they were still in the youngest category of 16-34. Meanwhile, 7.2% rent their home and, interestingly, the majority of them fall into the over-65 age category. One can assume that 92.8% of the population still own their home, continuing with the age-old tradition which was reflected in the March 2016 research we commissioned where 91.8% agreed that home ownership was very important and in 2015 where we asked the same question and the percentage of those who said they owned their own home was 86.5%.
When it comes to the property type they live in, it was intriguing to learn that most people (42.4%) live in terraced or town houses, while 23% live in an apartment or flat, 22.4% in a maisonette, 5.3% in a villa or detached house, 5% in a house of character or farmhouse, and just 2.4% in a penthouse. If you cross reference our research carried out in 2015, which is also available on https://blog.remax-malta.com/insights/ you see the similarities where the market has pretty much not changed in terms of types of homes our population is living in.
There are also substantial variations when it comes to the number of people living in a property – with the majority of households hosting two adults (47.6%), and just 9% of respondents living alone. The majority of those asked (69.4%) don’t live with any children, while 17.6% live with one child, 11.2% have two children, 1.4% have three-to-four children, and 0.4% have five or more children.
In the size category, the majority of people (61.20%) live in a three-bedroom home. The smallest demographic in this area is 1.6%, all of whom live in houses with five bedrooms.
Within the 500 people interviewed, a number of them plan to look for a new property in the next three years. In fact, 27.4% will be looking to buy somewhere new, while 3% said they will be interested in renting a new property. Of those looking to buy, an impressive 67.3% of those asked will be first-time buyers, while just 1.5% will be using their next move to downsize.
Top of Mind
The research was also carried out as to the methods that people will use to find a property, once again, a large majority (63%) of respondents said that RE/MAX Malta was the first real estate agent to come to mind. As for hunting down their would-be home, respondents – especially in the 35-64 age category – said they were most likely to log onto an agency website to browse for homes, with 23.2% saying there would go straight to website like remax-malta.com. Other general internet searches were also popular, followed by classified adverts in the Sunday newspapers and real estate magazines. Interestingly, this shows a dramatic shift in behavior since last year, when the highest majority said they would turn to newspaper adverts to look for a home.
Methods of Searching for a Property
Finally, respondents were also asked to detail the most important factors for choosing a property, and a mammoth 84% said it was ‘location’. Following on from that, respondents looked at the property costs, its type, its size and its layout. Photos were also considered vital, with 39.6% stating that it would make a difference to whether they viewed a property or not.
Research is a key to keep the pulse on the market and we at RE/MAX continue in invest in the market and its community so we may be guided correctly and may offer the best service possible on the islands.
The results of these independent surveys provide us with important information about what people are looking for, where they are looking for it, and what are their expectations. As a company, we strive to stay at the very forefront of what the market expects, and to always give our customers what they want – and this type of research enables us to do exactly that. We look forward to reflecting these findings in the months to come.