The Housing Authority of Malta has unveiled a detailed update on the Registered Rental Contracts for the initial six months of 2023.
Over the last three years, the Housing Authority has been instrumental in generating a wealth of data that mirrors the rapid evolution of the local rental sector. The latest figures, revealing active contracts reaching nearly 55,000 by the end of June 2023, showcase a remarkable 24% increase compared to the previous year. This surge underscores the sector’s pivotal role in addressing the diverse housing needs of Malta’s population.
The report delves into the intricacies of the rental sector, unveiling notable trends. A conspicuous demand for diversification in available properties emerges, with 7.5% of registered contracts classified as shared spaces—an increase from just under 5% the preceding year. Moreover, tenancy durations have seen a consistent rise since the establishment of the register in 2020, with tenancies exceeding three years now constituting 12% of all contracts in June 2023. The enduring nature of these tenancies brings forth stability and peace of mind for both families and landlords, underlining the positive relationships prevalent in the market.
Key highlights from the report include:
- Lease Duration: 92% of active contracts were for long-term leases, indicating a commitment to stable housing arrangements.
- Popular Localities: St. Paul’s Bay continues to be the most sought-after locality, boasting around 8,200 registered contracts. Sliema, Msida, Gzira, St Julian’s, and Marsascala follow closely behind.
- Rent Disparities: Sliema, St Julians, and Swieqi stand out as having the highest rents. In St Paul’s Bay, the median monthly rent for two-bedroom and three-bedroom apartments in the first half of 2023 stood at €700 and €850, respectively.
- Shared Space Contracts: Approximately 65% of shared space contracts fall within the monthly rent range of €100 to €299.
- Rent Price Trends: There is a noticeable moderation in the increase of rent prices, with an average rise of 5.5% in the first half of 2023, compared to the 6.9% growth rate registered in the second half of 2022.
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