HOW MUCH DOES A LUXURY APARTMENT COST IN MALTA

Luxury home sales in Malta continue to break through price ceilings, setting new standards for opulent living on the island. Between 2021 and 2022 luxury home prices in Malta increased by 4.0 and 6.0 percent*, especially in areas with historically high property values. With high population density and consistently limited supply of property, average prices of Maltese real estate has steadily increased in value.

The luxury property market in Malta has done particularly well over the last few years, with growth largely fuelled by demand for luxury properties in the most sought-after areas due to an influx of foreigners to Malta seeking the attractive tax climate paired with the islands collaborative business culture. The national average of a luxury apartment is around €700,000 – €2,000,000, however these broad averages can vary depending on location.

What Defines a Luxury Home?

Luxury means different things to different people. For some it means the home is filled with high-class modern amenities, for others is might be all about location, and some people would define luxury real estate as a home with unique character and charm. It is hard to deny the appeal living within a luxury apartment building offering the convenience of surrounding facilities and amenities right at your doorstep. Here are some top luxury criteria in Maltese real estate:

Outdoor Space – ever since the pandemic, luxury buyers have been prioritizing having open space. Luxury apartments often feature large terraces overlooking the Mediterranean sea or Penthouses with rooftop gardens.

Home Offices – with more Maltese remote-working, a home-office has become a must-have for many luxury buyers.

Swimming Pools – a swimming pool is usually an important feature for a luxury property buyers in Malta, to make the most of the almost year-round Maltese sunshine. Most luxury apartment buildings feature both indoor and outdoor swimming pools for their residents.

Sustainability and Smart Homes – another facet of luxury real estate is a renewed focus on sustainability. Luxury buyers are seeking out smart homes with eco-conscious features.

Location – Despite Malta being a small island, and commutes relatively short, luxury buyers mostly consider homes in sought-after locations ensuring a good investment.

Where Do You Find Luxury Apartments In Malta?

Depending on location, the average starting price for a luxury apartment in Malta is between €750,000 to €1,000,000. With the cost of luxury apartments and penthouses varying from postcode to postcode, we take a look at the most sought-after locations on the island.

SLIEMA – Average price €2,000,000 - Home to the celebrated seafront promenade, seafront apartments in this location are Malta’s most prized real estate. Luxury apartments can sell for anything from €1,500,000 to upwards of €3,000,000, more than double other locations. A Sliema seafront apartment remains as a national symbol of luxury and prestige. With its unparalleled concentration of restaurants, retail and colonial architecture, Sliema belongs at the top luxury locations on the island.

ST JULIAN’S - Average price €700,000 – A cosmopolitan district, St Julian’s is extremely desirable to international buyers looking for sophisticated luxury apartments and penthouses in a vibrant urban centre, with coffee shops, bars, restaurants, nightlife and entertainment all within walking distance.

TA’XBIEX – Average price €1,600,000 - The tranquil and prestigious harbour town of Ta’Xbiex has some of Malta’s most expensive luxury real estate. Luxury residences in Ta’Xbiex sit above the glittering yacht-lined harbour, with spectacular views of the Valletta Bastions.

SDA (Special Designated Area) DEVELOPMENTS - €1,900,000 – Luxury residential developments are dotted all around the island. These are sprawling havens for those who seek luxurious, comfortable and convenient living with an array of 5-star amenities and facilities from swimming pools and yoga studios to underground parking, supermarkets, and 24-hour security. SDA’s are extremely desirable with both locals and international buyers, forming mixed communities of expats and Maltese residents.

As Maltese luxury real estate continues to evolve, locals and foreigners are showing an increased interest in high-end apartments. Buyers looking for stability and growth in their investment opt for luxury apartments and penthouses with sea views and a timeless elegant feel.

*The Construction Industry and Property Market Report 2022. Researched by KPMG for the Malta Developers Association.