2.6% increase in property price index

In the first quarter this year, the Property Price Index stood at 107.41, a rise of 2.6 per cent compared with the corresponding period last year.

The main driver was a rise of 2.6 per cent in the Apartments Index compared with the corresponding quarter last year.

The price of the maisonettes increased by 3.5 per cent, when compared to the same quarter last year. This resulted in a 2.7 per cent increase in the Aggregate (Apartments and Maisonettes) Index.

The Property Volume Index (PVI) showed that the number of transactions in the first quarter of this year decreased by 14.2 per cent when compared to the corresponding quarter last year.

A decrease in the Property Volume Index was recorded in both Apartments Index and Maisonettes Index, by a 15.4 per cent and 14.2 per cent respectively.

Apartments accounted for 74.1 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 9.8 per cent of total transactions.