Key Highlights of Malta’s Rental Market in 2022

The independent survey commissioned by RE/MAX Malta offers key insights into current market sentiment and the real estate customer experience when consumers are interested mostly in finding a property for rent in Malta or Gozo. 

Understanding the current local property market

RE/MAX Malta commissioned another consumer survey to shed new light on Malta’s rental property market. The contributors who participated in this survey revolved around people working in the local gaming industry and have experienced the process of renting a property in Malta with a local estate agency.

Building on last year’s rental study, which highlighted RE/MAX Malta’s dominance in the real estate market within the local gaming industry, this new and independent survey, which was conducted in conjunction with SiGMA Group, amplifies the same conclusion.  

Consumer survey participants

In tangent with last year’s survey, the majority of participants in this property for rent-related consumer survey were between the ages of 25 and 34, with the youngest being 19 and the oldest being 76. In total, 568 respondents participated in this study and answered a variety of questions related to their rental experiences when searching for a property for rent in today’s local real estate market.

Property consumer survey highlights

“The survey helps us to build a better understanding of current market sentiment, from a larger cross-section of customers,” says RE/MAX Malta CEO Jeffrey Buttigieg. “We plan to commission these surveys around every six months, to provide core data upon which Malta’s real estate market can grow and thrive.”

1. Respondents’ locality and industry

Respondents working within the local gaming industry shared their preferred locality to reside in a property for rent in Malta – with Sliema and St Julian’s still popular areas. Just over 72 per cent of respondents live in rental properties, while 27.82 per cent own their property. More than 45 per cent currently live with two people, with the most common property size featuring two bedrooms, consistent with last year’s survey findings.

Almost 34 per cent revealed that they are very likely to move within the next 12 months, while a majority of 68.84 per cent highlighted that they live in a flat or apartment for rent – just over the 68.1 per cent who shared the same in the previous survey. Also reflecting last year’s results, most respondents named proximity to their workplace as their primary reason for their choice of locality. However, the cost of renting a property in Malta has become a higher priority: it was a third top reason last year for 33.8 per cent of respondents, while it is the second for 45.04 per cent in 2022. Range of amenities and transport options are also top considerations for many searching for a property for rent in their preferred locality.

2. Property rental value of money

Value for money was a recurring subject throughout the survey. In terms of rental price against property quality, 43.91 percent thought the pricing of rental real estate in Malta was appropriate, while 35.41 percent thought it was excessive.

3. Cost of living in Malta

Meanwhile, 88.64 per cent felt that the general cost of living in Malta had increased – compared to the 77 per cent that highlighted the same last year – while 79.77 per cent also noted an increase in rental property prices and 81.03 per cent said that the cost of entertainment such as bars or restaurants had also risen.

4. Top of mind real estate agency

Once again, RE/MAX Malta is the ‘Top of Mind’ real estate agency (41.64 per cent) on the Maltese islands which respondents working in the Igaming industry recalled.  

However, when asked which local real estate agency respondents tend to approach when searching for a property for rent, two main agencies were highlighted – one of which is RE/MAX Malta (31.16 per cent), with another local agency named 32.01 per cent of respondents. Furthermore, the third agency that the respondents mentioned had a total of 18.70 per cent. 

When compared to last year’s consumer rental survey, in terms of consumers approaching RE/MAX to help them find a renal home, an increase of 10 per cent over the agency’s 2021 figure of 21.2 per cent can be witnessed.

5. Consumer legal rights and rental regulations

While most respondents assessed their overall experience with the expertise of their chosen agency as average, the survey revealed a significant knowledge gap among the general public on their legal rights and grasp of rental regulation.

“General knowledge on new property regulations is still low, so at RE/MAX Malta we have organised webinars with companies in the iGaming industry – and beyond – to educate on tenants’ legal rights,” adds Mr Buttigieg. “While the results show that RE/MAX Malta still leads the island’s property industry and is the first local agency to come to mind for many, as a company we believe in facts rather than gimmicks to stay at the top of the market. Our customers’ valuable feedback will shape our decision-making and business plan moving forward so that we can adapt to their needs and continually improve the real estate experience in Malta.”