Issue link: https://maltatoday.uberflip.com/i/1339768
14 maltatoday | SUNDAY • 14 FEBRUARY 2021 NEWS NICOLE MEILAK LOOKING to buy property? A study exploring long-term housing rentals in Malta and Gozo shows Sliema as the, ex- pectedly, pricier areas of the islands, while 'distant' Gozo is your go-to for a cheaper bar- gain. But the study draws up a housing index, using Sliema property as a base, to compare real estate prices across the country. According to the index, the cheapest rental properties with respect to Sliema were found in Gozo, where one-bed- room apartments average at a monthly asking price that is 64.3% less than a comparable unit in Sliema. On the other hand, localities such as St Julian's and Ta' Xbiex return discounts at around 9.7% and 8.8% respectively. But these pricier locations al- so house the highest concentra- tion of properties. Over 35% of viable listings drawn up in the study were located in Sliema, St Julian's and St Paul's Bay, while over 50% of the properties in- cluded Marsascala, Swieqi and Msida. The term "viable listings" in this study refers to adverts for rental properties observed for the first time during the month in which the data was being collected, or whenever a previ- ously-observed listing had ex- perience a change in price. In 2019, roughly 16,500 via- ble observations of rental units were singled out. Further research was carried out to determine how add- ed amenities, such as multi- ple bedrooms and bathrooms, impacted the asking price of a property. Using a one-bed- room, one-bathroom Sliema apartment as a base, an increase of one bed to a two-bedroom unit led to a 25.7% increase in the asking price. For apartments with three or more bedrooms, the result was a 47.8% increase over the base property. Similarly, an extra bathroom added to a unit 'Sliema index' compares all rentals to Malta's priciest location Central Bank index used Sliema as base price to compare prices of rentals from all Maltese towns according to advertised prices Town Rate Sliema 100.0% Ta' Xbiex 91.2% St Julian's 91.2% Swieqi 90.3% Gżira 80.9% Pembroke 75.1% San Ġwann 75.1% Msida 74.3% Pieta 69.9% Santa Venera 66.8% Birkirkara 66.4% Qormi 66.2% Ħamrun 65.7% Iklin 65.1% Lija 64.8% Attard 64.4% Balzan 62.8% Żebbuġ 62.0% Dingli 61.1% Siġġiewi 60.1% Mtarfa 59.5% Valletta 59.2% Birgu 57.7% Floriana 57.0% Kalkara 56.6% Bormla 56.3% Isla 55.8% Luqa 55.0% Fgura 54.8% Tarxien 54.7% Paola 54.0% Santa Luċija 53.7% Xgħajra 53.2% Marsa 53.2% Żabbar 52.8% Għaxaq 52.6% Birżebbuġa 52.6% Marsascala 52.3% Żejtun 52.2% Gudja 52.1% Marsaxlokk 50.9% Żurrieq 50.8% Mqabba 50.5% Safi 49.5% Qrendi 49.2% Kirkop 48.9% Naxxar 48.7% Għargħur 48.6% Mellieħa 48.3% Mosta 47.9% St Paul's Bay 47.2% Mġarr 46.3% Rabat 46.1% San Lawrenz 41.2% Għarb 39.1% Żebbuġ 37.4% Qala 37.3% Sannat 36.7% Munxar 36.1% Għasri 35.4% Għajnsielem 35.4% Xagħra 35.2% Kerċem 35.0% Fontana 34.0% Nadur 33.3% Xewkija 30.5% According to the index, the cheapest rental properties with respect to Sliema were found in Gozo, where one- bedroom apartments average at a monthly asking price that is 64.3% less than a comparable unit in Sliema Xewkija: one of the most magnificent rotundas on the sister island of Gozo, but the sleepy village has the cheapest rents Valletta (below) has some high property prices, yet in terms of rentals, prices fetch 59% of Sliema's rental values