The stock of available residential properties is expected to exceed demand between next year and 2025, according to a report published on Thursday. The report by accounting firm Grant Thornton and real estate agency Dhalia also shows that nowadays the average single buyer can afford less than two-thirds of the average €260,000 asking price of a finished property. Speaking at an event entitled The Malta Property Landscape: A True Picture, Grant Thornton consultant Daniel Gravino said Malta will increase its housing stock significantly over the next two to three years, which is expected to apply a downward pressure on house prices. “In my view, this is a good sign as it is a sign of market forces at work,” he said. Speaking to Times of Malta after the event, Gravino stressed that the downward pressure mentioned in the report did not necessarily equate to a reduction in house prices. “It could be that they stay at the same level or go down by a small amount. I’m not saying prices are going to drop, but there will be a downward pressure... [the reduction] might be at a very low level as opposed to what we saw in the past,” Gravino said. 9,500 new housing units approved In...
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