Industry trends are a key to understanding a market. Anybody that has purchased a property or is in business will find that this information is of great use. Here we look at the type of dwelling the Maltese live in, the number of rooms, average number of properties viewed before purchasing, time taken to purchase and ownership of second residence.
Type of Dwelling
According to the 2011 census the highest percentage of occupied households in Malta (34.4%) consist of Terraced or Town Houses, while 29.4% live in flats/apartments; and 28.9% in Maisonettes / Ground-floor tenements. Up to 6% of the current occupied dwellings consist of semi-detached or detached houses, whilst a small percentage (0.9%) consist of Farmhouses.
Our study discovered a minimal difference in that a higher percentage of households comprised of Terraced Houses or Townhouses (42%), whereas 25% live in flats/apartments, 27% in maisonettes, 1 % penthouses, 2 % houses of character or farmhouses and 3% live in Semi-detached /detached villas.
Rooms in Household
As for the average size of the home, our findings show that people in the average household live in a median average of 2.7 bedrooms or a mode average of 3 bedrooms. 58% of the people surveyed said that they have 2 bathrooms, whereas 40% said that they had 1 balcony or terrace. Only 10.8 percent said that they did not have a balcony or a terrace whereas 7.4% said that they have 4 or more bedrooms and over 6% said that they have 3 or more bathrooms.
No. of Properties Viewed Before Purchase
Based on past purchases by the sampled population, an average of 11 properties are viewed before selecting the property to purchase. In most cases (70%), property buyers look at up to 10 properties before deciding on one of them, while an additional 21.1% see up to 20 properties before a purchase.
Time Taken to Purchase
According to the study, on average it takes 4 months to find a suitable property. According to 33.8% of respondents who have purchased a property in the past, it took longer than 6 months to find, whilst an additional 25.4% said it took them between 3 to 6 months, and 18% stated it took between 1 to 2 months.
Ownership of Second Residences
The majority of the targeted population, 81.6%, own one residence. Nevertheless, up to 17.8% of the population do in fact own a second residence in Malta, while 0.6% own a second residence abroad.
23.9% of second residences, are located in Gozo, while 12% are located in St Paul’s Bay, 7.6% in Marsascala and 4.3% in Mellieha. In most cases, 38%, the second residence is generally used during holidays, but a considerable percentage (33%) also own a second residence for investment purposes.
Main Reason For Owning Second Home