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Average housing costs in Malta 157 €


#1  2011-07-31 14:18:49

ricky
Malta Animator
From: Sliema
Registered: 2009-09-06
Posts: 2238

Average housing costs in Malta 157 €

Hard to believe! These figures were revealed by the National Statistics Office today.

Housing costs, including interest payments on mortgage, electricity, gas, house insurance, maintenance and rent added up to an average monthly spend of €157 when the survey was conducted.

I wonder why so many are complaining about the electricity bills ? On average they must be a joke amount compared to other countries if they are already included in the 157 €.

How much can the average rent be if also in that amount?

Please pull my other leg too.....

Cheers
Ricky




 
 
 

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#2  2011-07-31 17:28:15

georgeingozo
ViP
Registered: 2010-03-24
Posts: 2696

Re: Average housing costs in Malta 157 €

I'd guess most people own their property (often given as a wedding present), or have a very small mortgage, hence a very low average rent/mortgage payments - quite a few who rent are on ludicrously low controlled rent (like € 100 per annum) - I'd guess atleast half the €157 is utilities




 

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#3  2011-07-31 17:47:13

georgeingozo
ViP
Registered: 2010-03-24
Posts: 2696

Re: Average housing costs in Malta 157 €

Actual figure for electricity/water/gas was about € 60 in 2008, so I guess € 75 now




 

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#4  2011-07-31 17:49:58

georgeingozo
ViP
Registered: 2010-03-24
Posts: 2696

Re: Average housing costs in Malta 157 €

data doesn't appear to include mortgage payments




 

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#5  2011-07-31 18:47:22

ricky
Malta Animator
From: Sliema
Registered: 2009-09-06
Posts: 2238

Re: Average housing costs in Malta 157 €

Seems so ! Interest only.

That's the way all the housing bubbles started. Hoping that an increase in value will make you rich. -))) What will happen when interest rates go up and propety values don't ?

Good point George. I hadn't noticed that.

Cheers
Ricky




 
 
 

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#6  2011-07-31 22:27:21

hammersfan
EB member +
From: Reading
Registered: 2010-01-20
Posts: 530

Re: Average housing costs in Malta 157 €

One of my Maltese co-workers was given some shocking (to me) advice by a relative of his (who apparently audits several very large companies in Malta) - It was exactly the kind of advice he wanted to hear (buy as much/many properties as the banks will lend you money to allow you to buy, rent them out unofficially, the banks will never repossess...they never do in Malta).

Tim




 
 
 

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#7  2011-08-01 11:14:17

Laurent1967
EB member +
Laurent1967
From: Flic en Flac
Registered: 2010-01-11
Posts: 505

Re: Average housing costs in Malta 157 €

hammersfan wrote:

One of my Maltese co-workers was given some shocking (to me) advice by a relative of his (who apparently audits several very large companies in Malta) - It was exactly the kind of advice he wanted to hear (buy as much/many properties as the banks will lend you money to allow you to buy, rent them out unofficially, the banks will never repossess...they never do in Malta).

Tim

It's exactly the good way to create a Real estate bubble...

everything is ok ... until the bubble explose
see London, germany, usa, etc




 
 
 
 
 

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#8  2011-08-01 11:52:59

newbie1
Member
From: Valletta
Registered: 2011-06-09
Posts: 10

Re: Average housing costs in Malta 157 €

No bubble to explode.
It's simply that over valued property has to finds its realistic price and people are more savvy.
Thankfully Malta is no Greece, Italy, Spain,UK .
Simple Formula - demand and supply. Demand will always be there, land is limited and property owners are not compelled to sell.
If God forbid,there's a world crisis that would painfully hit   ,prices would  go down relative to salaries and cost of living.




 

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#9  2011-08-01 12:13:27

toonarmy9752
ViP
toonarmy9752
From: Mellieha
Registered: 2011-06-04
Posts: 2444

Re: Average housing costs in Malta 157 €

Malta still has a mountain of empty properties and still building more and more.....and the prices here rarely go down....when will it end...?




 
 
 

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#10  2011-08-01 12:17:57

georgeingozo
ViP
Registered: 2010-03-24
Posts: 2696

Re: Average housing costs in Malta 157 €

Maltese housing is overvalued, the last part of it created by Malta adopting the Euro, which triggered massive amounts of Lm cash invested into property, so as to use up Lm cash sitting under mattresses. Its partly deflated in the last 2-3 years, with prices down 20% plus, but there is more to come, given the tens of thousands of empty properties. Whether you label it a bubble or not (I do), prices are sharply higher than realistic valuations based on rental yields or multiples of average incomes.




 

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#11  2011-08-01 12:19:00

newbie1
Member
From: Valletta
Registered: 2011-06-09
Posts: 10

Re: Average housing costs in Malta 157 €

The building ? Never, it seems sad




 

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#12  2011-08-03 16:17:05

ajwebber
Active member
ajwebber
From: Manchester
Registered: 2011-04-16
Posts: 80

Re: Average housing costs in Malta 157 €

So, if there are thousands of properties standing empty and more are being built, how would property owners feel about being offered less rent than a propery is advertised at?  Is this viewed as insulting or is bartering accepteble?

Amanda x




 
 
 
 

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#13  2011-08-03 16:21:43

georgeingozo
ViP
Registered: 2010-03-24
Posts: 2696

Re: Average housing costs in Malta 157 €

depends on the owner - I had one owner offer a 25% reduction without even asking, another would't budge a cent - in the end went with the 2nd one as the owner was realistic at the outset - ie you need to know the fair price by doing research beforehand




 

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#14  2011-08-03 16:48:06

ricky
Malta Animator
From: Sliema
Registered: 2009-09-06
Posts: 2238

Re: Average housing costs in Malta 157 €

Yes, it depends on both sides. If the price asked for is far too high in the first place it is not worth discussing.

We were able to get a 25 % rebate by offering a long term rental and a few months rent payment upfront plus making the impression that we will look after the property and not wreck it or cause major disturbance in the building. And the original price was reasonable!

In the end you have to feel comfortable with what you are getting and what you are paying so it will pay to have a feeling for the property market.

So if you want an independant opinion ask me. I usually ask expat friends what rent they are paying so that I can get a good idea of what the situation is like. You have to be able to compare.

Cheers
Ricky




 
 
 

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#15  2011-08-03 18:03:29

chussita
Member
From: Mosta
Registered: 2011-07-27
Posts: 16

Re: Average housing costs in Malta 157 €

157 euros!!!
I would like to see the width of this Gaussian. Because I will be paying 10 times more and only in rent (without electricity).

(-:




 
 
 

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#16  2011-08-03 18:30:46

ricky
Malta Animator
From: Sliema
Registered: 2009-09-06
Posts: 2238

Re: Average housing costs in Malta 157 €

Whow !

You must be renting a really nice place for that much in Mosta.

But you have to realize that a lot of Maltese live in places with a low fixed rent ( since 40 years) or just pay interest and hope that their home increases in value.

Look forward to a nice BBQ at your nice place -))))

Cheers
Ricky




 
 
 

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