In November 2018, ARQ Economic & Business Intelligence, an economic advisory firm part of local professional services company ARQ Group, issued Malta’s first housing rental index. It was no surprise that their research found that the rents in Malta have increased drastically.
Rent increase most pronounced in the North & Western regions
Their research also uncovered that rent increase was mostly seen in the north and western parts of the island. In the north the increase mostly affected three-bedroom apartments, maisonettes and penthouses. Two-bedroom maisonettes also saw an increase. One of the factors contributing to this rise might be foreign workers primarily looking at the Northern regions due to them being commercial and entertainment hubs and also house a large percentage of hotels and restaurants.
Is rent affordability becoming a challenge?
Although there is concern that rent affordability is becoming a problem, we at Belair still find it hard to find available properties for our clients here in the north. We never seem to have enough property on our database no matter how substantial it is. Belair Mellieha branch has been open for two months now and we are on a roll. We have a high demand for rental properties, thus we are always looking for new properties to add to our portfolio. If you are interested in renting your property kindly contact us so we can discuss in more detail and reply to any questions that you might have. Our seasoned letting agents can make this process smooth and hassle free.