House price increases in Malta were EU's highest at the end of 2016

Maltese house prices increased at a higher rate than anywhere else in the European Union during the last three months of 2016, new EU figures show.

House prices in Malta rose by six per cent when compared to previous quarter, compared to an average of 4.7 per cent in the EU and 4.1 per cent in the eurozone.

Eurostat figures showed that Malta's six per cent quarter increase was higher than that of the Czech Republic (+4.7 per cent), the Netherlands (+3.2 per cent) and Cyprus (+3.1 per cent).

But on an annual basis, house prices in the Czech Republic rose at the highest rate (+11 per cent), followed by Hungary (+9.7 per cent) and Lithuania (+9.5 per cent).

Year-on-year increases

The EU data showed that local property prices increased at a steady clip throughout last year when compared to 2015 prices.

In the first two quarters of 2016, local property prices were up by an average of 11.5 per cent when compared to the same quarters in the previous year. Growth compared to 2015 slowed to 5.5 per cent in the third quarter and hit 8.4 per cent by the end of the year.

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