A Quick Guide to Malta's Letting Prices in 2022
Even though Malta is less than 250 square kilometres and can be thought of as one big city, its real estate market is as diverse as the different towns that are part of it. If you are seeking to rent a place, let this guide help you understand the local scene.
Some of the most sought-after areas are, unsurprisingly, the coastal towns, like Sliema, St Julian’s and Msida, but that’s not to say that other towns like Mosta and San Gwann do not have their own appeal. And even though Mellieħa and Marsaskala are situated at opposite ends of the island, they also feature among the top ten, and with good reason. The popularity of these localities is thanks to the fact that they offer a balanced way of living, boasting places of entertainment and having all amenities within the heart of the town. Being close to business areas also makes them attractive for residents who are looking for a place that is close enough to where the action takes place, without too much hustle and bustle.
Letting Prices In Central Areas
Sliema, for instance, is arguably the most sought-after town in Malta, by both locals and foreigners: a part of it is a successful commercial hub while the rest is residential. Working and living in Sliema means you can literally ditch the car and lead a comfortable life: shops selling anything one could possibly need are within walking distance and the long scenic promenade is perfect for an early morning jog or an evening stroll to relax and perhaps enjoy a coffee or an ice-cream. Lots of companies have set up shop here, meaning there are plenty of work opportunities. Sliema is simply a convenient town, and the prices reflect that.
A one-bedroom apartment in Sliema averages €845 a month, and €1,644 for a three-bedroom, which would work out much cheaper if one is willing to share. Maisonettes start off slightly cheaper (€745 for a one-bedroom), larger ones are similarly priced (€1,650 for a larger three-bedroom).
If Sliema suits your budget but is slightly too busy, one could consider St Julian’s which is on the other side of the peninsula – it is far enough from bustling Sliema, but can be reached on foot. While prices for smaller properties have a higher letting rate when compared to Sliema (around €900 to €1000 for a one-bedroom apartment, penthouse or maisonette), larger apartments and penthouses are more affordable at around €1,650.
If these prices are slightly out of your budget, Gżira is a fantastic option – it is quieter but still within walking distance of Sliema, it being an overspill town. While the prices for a one-bedroom apartment and maisonette are comparable to Sliema (€793 and €775 respectively,) larger homes are much cheaper (an average of €1,116 for a three-bedroom apartment or maisonette.) Gżira penthouses accommodating families in a three-bedroom are half the price, averaging €1,130, when compared to Sliema (€2,267.) Generally, letting prices in Gżira cost an extra €100 for each additional bedroom. Prices in Sliema, on the other hand, increase exponentially, when you consider that one-bedroom penthouses are on average €988 a month, however, the level of finishes and the views from the terraces exceed expectations.
Letting Prices in the North or South of Malta?
If you wish to live in a coastal town and won’t mind living away from Central areas, Mellieħa, up North, and Marsaskala in the South East are both lovely residential towns. They are quiet and still have the basic everyday amenities with pharmacies and grocery shops, while also offering plenty of leisure and entertainment options. Prices start out much lower than in other seaside towns: one can find a studio in Marsaskala for €525, and for much less than €500 in Mellieħa. One-bedroom maisonettes and apartments in Mellieħa rent out for around €520 and €560 respectively. Larger apartments and maisonettes are much cheaper than other coastal towns and one has a very big chance of renting a three-bedroom for much less than €1,000 a month – a three-bedroom in Marsaskala averaging €812 and €898 for apartments and maisonettes, respectively.
In Mellieħa, apartments are more sought-after and therefore the prices for larger ones are higher, around €950, when compared to similar-sized maisonettes (€775.) Small Mellieħa penthouses are also popular – a one-bedroom is around €1,000 when compared to €713 in Marsaskala.) Larger three-bedroomed penthouses – perfect for families – are comparable at €1182 (Mellieħa) and €1212 (Marsaskala). Whether one chooses to live in one or the other is a matter of taste or, perhaps, convenience, depending on where one needs to commute to everyday for school or work.
Or somewhere in between?
If neither one works, one could consider St Paul’s Bay or Msida, both closer to the centre and not as busy as Sliema. St Paul’s Bay used to be popular with the locals as a summer residence, but now many are choosing to live there permanently, perhaps charmed by its long promenade with promises of morning powerwalks or evening strolls, not to mention the easy access to shops. Letting prices for apartments and maisonettes are comparable with those in Mellieħa; penthouses, surprisingly, are cheaper at around €617, €793 and €850 for a one-, two- and three-bedroom. Studio flats are on par with Marsaskala, at an average of €517.
Msida is another seaside town, from which both Valletta and Sliema can be reached on foot. Another asset is that it’s close to the University and the Hospital, making it popular with students and hospital staff. Despite the importance of Msida as a residential town, the prices are very affordable, especially for larger accommodation which is often shared: three-bedroomed properties are on average €1,000 (maisonette), €1,156 (apartment) or €1,766 (penthouse). People who enjoy the privacy of their own space have a selection of studios averaging €595 – still relatively cheap compared to other towns farther away, especially if it means there is no daily commute.
Quieter, residential towns
The other three towns in the top ten are San Ġwann, Swieqi and Mosta which attract plenty of interest due to the fact that they are central and can be reached easily from anywhere. Swieqi is a relatively new town and the properties are modern, and it is close to Paceville and St Julian’s but away from their buzz. San Ġwann and Mosta are fantastic because apart from the fact that they are also modern towns, one finds all the necessary amenities including a wide variety of shops and services.
Perhaps of the three, San Ġwann’s smaller properties are more sought after by couples or single individuals, in fact one-bedroom maisonettes (€850) and apartments (€755), and studios (€600) are pricier than Swieqi (€688 for a maisonette and €742 for an apartment) and Mosta (around €625 for one-bedroom maisonettes and apartments). One-bedroom penthouses are better priced in Mosta, at around €700, when compared to €938 in Swieqi and €900 in San Ġwann. Probably the most evident is the demand for family homes in these towns, where there is an exponential difference in the prices of two- and three-bedroom properties. Rents for three-bedroom apartments are very well-priced in Mosta at about €997, while maisonettes in San Ġwann are around €1,037. A family seeking a large maisonette or penthouse in Mosta or an apartment in San Ġwann should expect prices in the range of €1,100 and €1,250. In Swieqi, families would need to budget around €1,340 for a three-bedroom maisonette or apartment. Penthouses in San Ġwann and Swieqi ask for around €1,667 and €2,050 respectively.
How to make up your mind?
Despite the fact that Malta might seem like just one big melting pot, each town has retained its characteristics and people seek to move there depending on if they like it, as well as according to their needs and budget. When choosing a location think about your transport needs. If you eliminate your commute, the money saved monthly could be put towards a property that is closer and more spacious, and comfortable for you.
The prices vary greatly, even within the same street and this is because, apart from location, one needs to take into account the quality of finishes inside the property. It goes without saying that an ultra-modern designer finished property, will have a higher rent than a property that was done up years ago.
Speak to us
Check out our website for properties for rent – we have a vast selection or properties at different price points. The site is really easy to navigate, either by area or by town, and you can contact a letting specialist right away who will be able to assist you in making your decision.