Average rental prices in Malta have risen by roughly 47 per cent between 2013 and 2016, a report commissioned to KPMG shows.
Between 2013 and 2016, prices in the central region of Malta went up by 45 per cent (€565 to €822), the Grand Harbour saw an increase of 49 per cent (€751 to €1,118), the Northern Harbour region increased by 49 per cent (€721 to €1,074), the North West experienced a 47 per cent increase (€554 to €814) while the South also experienced an increase of 47 per cent (€554 to €814).
The report said the main upward trend in rental prices was largely due to expats who are being charged what they can afford to pay.
The report was commissioned by the Malta Developers Association to KPMG.
Meanwhile, the price of properties for sale rose by an average of 24 per cent between 2013 and 2016, with the average apartment costing around €228,000. It was observed however that prices in the Northern Harbour district could be double that of other districts across the island.
The report also confirms how garage space has increased the value added to a property significantly, adding an average 35 per cent premium to the value of a property, while seafront properties could have their value raised by some 50-70 per cent depending on where the property is situated.
The total direct, indirect and induced output from the construction industry is estimated to be around €2.55 billion.