Property Pricing
Property Pricing
We all know that the rental market can be considered as very fast. Some people consider the prices to be over inflated and unfair. To a certain extent, I understand their point of view. Who wouldn't feel that way when seeing that a tiny 1 bedroom Is priced at 800 euros monthly and more!? However I also understand the person asking for that amount.
Buying a property as a rental investment does not come cheaply. If a person is spending over 200k to purchase and furnish that one bedroom to decent standards its only natural that he asks that much. Especially since that's what the current market is like in that particular area. Who would charge 600e a month when other apartments that are equal to that one are going for 800e + ?
Working as an Estate Agent that specializes in renting apartments gives you these small insights that to us seem like common knowledge. Why would a person want to live in a crowded area with prices being sky high when you could live 20-30 minutes away by bus to get to work? I understand the appeal of walking to work but is it worth paying so much money for a tiny apartment when in other areas you could get a 3 bedroom apartment with that price?
For example, a decently furnished 1 bedroom apartment in Sliema would go for approximately 800e. Of course you do come across those one bedroom apartments priced at 1200e+ situated in Fort Cambridge or Tigne, but lets go with a normal, modest one bedroom apartment. Now if you move away from Sliema, and consider, for example, Bugibba. A modern 3 bedroom with air-conditioning and even some sea views can be found at that price. To top it all off, an agent probably can get it down in price for you!!!
Let's take another example. A 2 bedroom (modern) in Sliema/St.Julians averages at 1200/1300e monthly. A 15 minute walk to St.Julians, in Swieqi, you can find a larger and quieter 2 or 3 bedroom Apartment.
The further away you move from Sliema/Msida/St.Julians and Valletta, the cheaper the property.
Sliema:
1 bedroom 800e+
2 bedroom 1000e+
3 bedroom 1400e+
Bugibba: 1 bedroom 500e+
2 bedroom: 600e+
3 bedroom 750e+
If you are thinking of renting, check out Malta's public transport system!! Yes, you would need to travel a little every morning, but you will either be saving money or getting more for what you pay.