Fifty-eight per cent of a survey's respondents say they are seeking and planning on buying property, despite the current economic stress caused by the COVID pandemic.

A further 16 per cent want to rent property, while 26 per cent of the respondents said they have no planned real estate transactions.

The survey by PricewaterhouseCoopers Malta was carried out last December 2020 among 450 people aged 18 and over. The audit company released its first real estate barometer, a biannual tracker of consumers sentiment and market trends on Monday.

Some 59 per cent of respondents are Maltese, 27 per cent are foreigners residing in Malta and 14 per cent live in Gozo.

Most of the respondents (29 per cent) were aged between 25 and 35, followed by those aged between 35 and 44 (23 per cent). Two-fifths of the participants are aged over 44, while eight per cent are between 18 and 24 years old.

Out of those planning on buying property, 80 per cent are looking for places in Malta, while 10 per cent wish to buy property only in Gozo. The remaining 10 per cent are looking at property either in Malta or Gozo.

80 per cent looking at properties at a value of €300,000 or less

The survey shows that 80 per cent of prospective buyers are looking at properties that cost €300,000 or less. 

Most respondents - 21 per cent - are looking for property priced between €100,000 and €150,000.

Only 11 per cent are interested in property valued over €300,000.

PwC said that the pricing point could lead to certain pressures in the property market, taking into consideration the consistently upward trend of real estate prices.

Meanwhile, a third of those purchasing a property are first-time buyers who are moving out of their parental home. A fifth is seeking new property, and 23 per cent intend on buying a property for investment purposes.

Some 43 per cent of respondents are seeking apartments or penthouses, 25 per cent are looking for maisonettes and only 11 per cent are interested in buying a house of character. 

The survey shows that the most popular locations for buyers are Mosta and Birkirkara, followed by Lija, Attard, Balzan and Sliema. In Gozo, Gharb and Ghajnsielem are the most popular spots.

When it comes to renting a place, St Paul’s Bay is a popular locality, followed by Hamrun, Sliema, Mosta and Qormi.

David Valenzia, Territory Senior Partner at PwC Malta said that despite the significant economic disruption brought about by the current COVID-19 pandemic, the industry remains ‘resilient on the back of strong consumer confidence’ which is shown by the rate of transactions made in the past months.

Back in January, Malta Developers Association said that property sales in 2020 generated around €3 million and saw a boom in sales in December 2020.