According to the Foundation for Affordable Housing, 21% of 2022’s residential property purchases were first time buyers.
This suggests that a significant portion of the population is actively entering the market, indicating strong demand for accommodation, reflecting the aspirations and challenges faced by those seeking residence, the foundation said.
However, the Foundation emphasizes the need to continue working to increase access to homeownership in our country.
This percentage, while indicating that many Maltese have enough assets to invest in more than one property, also shows the need for a strong rental market with unprecedented levels. Therefore, there will be an increase in properties available for rent, which are not typically targeted towards first-time buyers.
This new reality, where rental properties are increasing to meet strong demand, will inevitably lead to a lower percentage of tenants buying for the first time when compared to the total number of property purchases.
Until this new demand normalizes and the market stabilizes and adjusts to modern realities, it is critical to implement measures that increase accessibility and inclusivity in the property market, particularly for those looking to become homeowners for the first time.
This situation highlights the importance of widespread and coordinated strategies to ensure that every segment of society can benefit from the available opportunities.
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