Apartment prices rising fast
The Property Price Index stood at 104.76, in the first quarter of this year, a
rise of 2.8 per cent compared with the corresponding period last year, the National Statistics Office said.
The main driver was a rise of 4.5 per cent in the Apartments Index compared with the corresponding quarter last year. The Maisonettes Index remained the same. This resulted in a 3.4 per cent increase in the Aggregate (apartments and maisonettes) Index.
The Property Volume Index (PVI) showed that the value of transactions in the first quarter of this year increased by 11.9 per cent when compared to the corresponding period last year.
The largest increase in sales was recorded in the Apartments Index, by 15.4 per cent. Apartments accounted for 73.2 per cent of the total transactions recorded in the past year, whereas the locality registering the largest number of transactions was St Paul’s Bay with 8.7 percent of total transactions.