In the world of real estate, Gozo has emerged as a star player in recent times, showcasing a remarkable upward trend in property prices and availability. With figures showcasing a remarkable surge, let's delve into what makes Gozo the real estate hotspot this year.
Gozo: Leading the Property Market
The last quarter of 2022 saw properties in Gozo register the highest increase in asking prices across the nation. According to a report from Djar and EY, there was a 1.1% rise in the average asking price when compared to the same timeframe from the previous year. This impressive growth was more than double the rise experienced in the northern harbour district, which includes esteemed areas like St Julian’s and Sliema.
Furthermore, Gozo’s property stock experienced a boost. The island now accounts for 10.86% of the total properties available in the country, surpassing the availability in Malta’s western region.
Affordable Yet Rising Prices
One of Gozo’s standout features in the real estate sector is its ability to marry affordability with quality. Despite witnessing an increase in the asking price per square metre across all property types, Gozo continued to offer properties that are pocket-friendly when compared with other regions.
For instance, the average cost for an apartment in Gozo stood at €1,662 per square metre last year. This is nearly half of what one might spend in the northern harbour district and considerably less than in the southeastern areas like Żejtun and Marsaskala.
Why Gozo Stands Out
Apart from its noteworthy price appreciation, Gozo was unique in witnessing an increase in asking prices per square metre across all property varieties. The price per square metre for apartments in Gozo ascended at 1.28%, which is more than double when juxtaposed with the northern harbour district.
Moreover, Gozo dominated the listings in terms of available apartments for sale. The last quarter of 2022 alone saw 25,000 apartments listed, which significantly outnumbered other property types like penthouses and maisonettes.
Rental Market: Gozo Still Retains Value
Despite the surging sales figures, Gozo remains a haven for renters seeking value. The island reported the most competitive rental prices in the country. To provide a perspective, a three-bedroom apartment in Victoria was priced at an average of €800 per month, in stark contrast to the hefty €2,000 tag in Sliema for a similar property.
Final Thoughts
For those seeking an excellent investment opportunity or a serene place to call home, Gozo stands out as a promising choice. Its impressive growth rate combined with affordability offers a golden middle path for both investors and homebuyers. With such vibrant statistics, Gozo is undeniably shaping up to be the property hotspot of 2023.
Considering investing or buying in Gozo? Connect with Gozo Direct Real Estate agents today, and let us guide you through the best property deals on the island!