In this first Property Outlook of the year 2020, our primary goal is to estimate the potential impact of COVID-19 on Maltese property prices. But in truth, the outbreak is merely the catalyst for an overdue correction. Already in October 2019 edition, we had warned “properties for sale are often overvalued. Buyers may later struggle to sell property bought at prices disconnected from reality”. We can now confirm the seeds of a correction were visible already at the end of 2019.

Therefore, any serious analysis must start from the fundamentals of the Maltese economy. The general underlying trend is a positive one. However, COVID-19 and its economic fallout will drive, in our base case scenario, a medium term drop in the fair value of properties in the region of 10%.

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