A recent survey carried out by the Inter-Organisations Section at the OECD and Eurostat was published regarding rental rates of accommodation in Europe. Five different property types were used including 1, 2 and 3 bedroom apartments together with non-detached and detached houses. Malta property rental rates were on the lower end of the spectrum together with Ankara, Riga, and Nicosia, where the average rental for a one bedroom apartment in Malta was € 440 per month, a three bedroom apartment averaged out at approximately € 820 per month. Detached houses averaged at € 2000 per month whereas non detached houses averaged at €1, 130 per month.
The survey also measured the average square metres of property for rent in Malta. A three bedroom apartment measured at an average of 110-130 square metres, a two bedroom apartment at 80-100 square metres and a one bedroom apartment at 40-60 square metres. A detached house measured at an average of 190-220 square metres where as a non-detached house measured at approximately 110-130 square metres.
The survey also noted that the rental rates in Malta went down by an average of 2% for apartments and 3% for houses. The neighbourhoods taken in to account to conduct the survey were; Sliema, Valletta, Mellieha, Vittoriosa, Senglea, Cospicua, Gzira, St. Paul’s bay, Qawra, Bugibba, Marsaskala and Valletta.
Speaking about the survey Edward Agius, RE/MAX Lettings Manager commented by saying “The rates measured are averages and do not pertain to every area in Malta, however it is nice to see that Malta is still on the affordable side when it comes to renting property in Malta.”
RE/MAX Lettings which is a department within RE/MAX Malta that has over fifteen letting associates located across the companies 11 offices located in Sliema (3 offices), Swatar, Birkirkara, St. Paul’s bay, Gzira, San Gwann, Victoria, Gozo and St. Julian’s.