The property price index for Malta shot up by 6.7% in the first three months of this year when compared to the same period in 2021. However, it was still below the euro area average of 9.8%.
According to fresh data released by the National Statistics Office (NSO), the property price index (PPI) stood at 139.52.
The EU average was also substantially higher at 10.5%, as measured by the EU’s statistical agency, the House Price Index by Eurostat. The agency stated that this is the highest annual increase for the euro area since 2005.
In 2021’s fourth quarter, house prices rose by 9.4% and 10.1% in the Euro Area and EU respectively.
The PPI indicates the changes in price of purchased residential property. Compiled on quarterly bases instead of monthly, this ensures that all figures are substantiated through large samples. It only covers apartments, maisonettes and terraced houses.
Despite restricting itself to such property, price increases in these areas are indicative of developments in the market in general. In 2021’s first quarter, the PPI registered a 4.6% rise compared to the previous year.
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