Last Updated on Wednesday, 17 February, 2021 at 4:03 pm by Andre Camilleri
Study shows ongoing resilience against pandemic in the property market
Djar, an independent property portal providing detailed market analysis of the local real estate market has released the first data on the supply of Palazzos compared to other property categories. This niche category statistic standing at 0.49%, is the first of its kind ever published in Malta, and fractional when compared to the apartment supply at 59.53%. The data compiled by Djar and EY Malta reports an increase in market supply and a slowdown in price growth of Palazzos since mid-2019, recording a median price of €2,500,000 in this years’ Q1 so far.
“Djar’s in-depth findings result from analysing property prices with machine-learning techniques and manual crosschecks to increase accuracy, thereby bringing about more transparency to the market. What sets Djar apart from other data sources such as the National Statistics Office and the Central Bank of Malta, is the ability to provide the latest and most insightful data on what’s happening in the real estate market, allowing buyers, sellers and real estate stakeholders at large to make the most informed decisions,” Djar CTO Keith Galdies stated.
Djar’s findings, when analysing properties under 1.5 million euros, show that like the global property market, the local real estate market demonstrates resilience with regards the pandemic. Gozo’s real estate prices registered the highest marginal increase with a positive average growth of 2.0%. Gozitan localities, together with Manikata, Kalkara and Santa Lucija in Malta, registered the highest average listing price increases over the previous year. At the other end, Madliena, Mtarfa, Valletta, Senglea and Cospicua had the largest average price reductions:
Djar also reports sale price listing data for the various types of commercial properties. This exclusive study shows that whilst commercial property rates mostly remained stable, the hospitality category recorded a notable 8% drop in average price/sqm rates. This is synonymous with the mass shortfall of tourists reported due to the pandemic and its subsequent effects on the tourism industry at large.
These updates are snap shot highlights of wider data available at Djar. More detailed insights, including granular data into locality analysis, property types and market segments, as well as monthly and quarterly price changes are available upon enquiry or by signing up to the portal’s newsletter at www.djar.com