New dwellings approved in first quarter up by 40%
Malta’s Housing Boom: A 40% Surge in New Dwellings Approved in Q1
Imagine standing at the bustling Republic Street in Valletta, the capital’s main thoroughfare, and looking around. In just the last few months, you’d notice more cranes dotting the skyline, more ‘For Sale’ signs popping up, and more people talking about the housing market. Why? Because in the first quarter of 2023, Malta approved a whopping 40% more new dwellings than the same period last year. Let’s look what this means for our islands.
Numbers Tell the Tale
According to the Environment and Resources Authority, Malta approved 1,271 new dwelling units between January and March 2023. That’s a 40% increase from the 907 units approved in the same period in 2022. But where are these new homes springing up?
Where the Action is Happening
Unsurprisingly, the Central Region, which includes Malta’s urban areas like Birkirkara, Msida, and Sliema, saw the highest number of approvals – 549 units. But it’s not just the urban areas feeling the growth. The Northern Region, which includes towns like St. Paul’s Bay and Mellieha, saw a significant 65% increase in approvals compared to last year. Even the Southern Region, which includes towns like Żejtun and Żabbar, saw a 27% increase.
But what does this mean for Malta’s housing scene and its residents?
What’s in Store for Malta’s Housing Scene?
This surge in approvals could mean a few things. On the one hand, it could help alleviate the chronic housing shortage that Malta has been grappling with. According to the
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