A new platform offering verified property price data, known as the Property Price Registry, was launched on Thursday by the Property Malta Foundation.
Developed by PwC Malta, the registry provides subscribers with validated price parameters for residential and contractual properties.
Access to the platform requires a two-year subscription, with fees ranging from €3,600 per user for subscriptions covering one to three users, to €2,280 per user for subscriptions covering 11 users or more.
This option may suit estate agents, banks, companies and other entities that are expected to subscribe, but the service is unlikely to be used by the average buyer.
However, members of the public will be able to request property market information directly from Property Malta free of charge.
The registry is based on registered contracts dating back to 2018, with data updated every six months. Once extracted, contracted property sale data is processed through a Data Cleaning and Aggregation Solution (DCAS), which validates transactions, assigns them to specific streets, removes outliers, and anonymises and aggregates data in areas with limited activity.
The platform uses analytical tools, geospatial maps and an interactive dashboard to provide insights into property prices.
Property Malta Foundation CEO Sandro Chetcuti said the project had been two years in the making.
“This provides information about property prices based on facts, not speculation or advertisements. It is a useful tool for anyone evaluating property in Malta, as well as for members of the public who want to better understand the market,” he said.
Construction Minister Jonathan Attard, who was present at the launch, said the registry aims to strengthen trust and transparency in Malta’s real estate market.
“This Property Malta initiative forms part of a series of reforms we are implementing in the construction sector, aimed at raising standards and strengthening confidence,” Attard said, praising developers for their contribution to Malta’s economy.
The rising cost of property is a hot topic in Malta, with the most recent data issues by the National Statistics Office showing that prices increased by 5.7 per cent in a year.
Two months ago, a study found that the averge price for an apartment is now €414,600, around €40,000 higher than a year prior.
Recently, prime minister Robert Abela said that 91 per cent of people under the age of 35 own their home. However, this was found to be a misleading claim by Times of Malta’s fact-checking service which found that the data Abela cited refers to households, not individuals.