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Malta: House prices drop in the first quarter

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The House Price Index fell by 1.6 per cent between January and March this year compared to the preceding quarter. Data by Eurostat shows that Malta was one of only three EU members to register a decrease in house prices over this period, along with Cyprus (-5.8%) and Slovakia (-1.2%).

On average, prices rose by 1.7 per cent in the EU, led by increases in Estonia (+6.6%), Denmark (+5.8%) and Lithuania (+5.0%).

Compared with the first quarter of 2020, the Index in Malta grew by 4.7 per cent, below the 6.1 per cent average across the EU. Luxembourg recorded the highest rise, ending the quarter at 17.0 per cent, ahead of Denmark (+15.3%) and Lithuania (+12.0%).

Cyprus was the only EU state to experience a drop year-on-year, closing the quarter 5.8 per cent below the 2020 Index.