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Residential property prices in Malta continue to decrease
Residential property prices in Malta continue to decrease
August 27, 2009Asking prices on Maltese property fell in the first quarter by 4.4% compared to the previous quarter, according to the Central Bank's property price index.
The index dropped 9.9% year-on-year and around 11% in comparison with 2007 peak levels. Apartments in shell form saw the steepest decline with prices plummeting by 20.4%. The only category that saw an improvement was terraced houses where prices increased by 4.1%, reports.
The first quarter figures are broadly in line with the findings of a recent Chamber of Commerce, Enterprise and Industry survey for the same period, conducted among members. It found that property prices were down by 15 to 20% from the first quarter of last year.
The index also shows that there was a reduction in the number of properties advertised overall. The number was down by 21.1% on a year earlier.
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