91% statistic confirmed

91% of young Maltese and Gozitan families are homeowners. This was stated by the Central Bank of Malta, based on a study it carried out in 2023, in a public statement it issued in reaction to a misinterpretation of this statement in media reports today.

The reports emanated days after Prime Minister Robert Abela in an interview with Lovin Malta had explained that nine out of ten people under the age of 35 own their home. 

The Central Bank confirmed what Governor Alexander Demarco had written in the Malta Business Weekly on the Household Finance and Consumption Survey which found that there was an increase in the percentage of homeowners among young families aged between 16 and 34.

Contrary to what has been stated in certain parts of the media this morning, Central Bank statistics are comprehensive and are even validated by the European Central Bank – in line with very strict criteria.

In its statement, the Central Bank noted that, while in 2010 only 78% of young families owned their homes, this rate has now risen to 91%.

During the same period, the proportion of young families in Malta had also increased, rising from 8.7% to 12.2%. This is contrary to the narrative that more youths are continuing to live with their parents because they cannot afford to buy their own property.

Statistics compiled by the Central Bank according to European criteria indicate that between 2010 and 2023, the proportion of young self-employed homeowners also increased.

It is worth recalling that, in his analysis on the Malta Business weekly, the current Central Bank Governor had remarked that the proportion of young families, who own their homes in Malta, is much higher than the rest of Europe. He had also highlighted how home ownership increased among those with the lowest income, rising from 58% to 61%.

This is all a reflection of the ever-improving economic situation of Maltese and Gozitan families, thanks also to schemes and incentives introduced in recent years by Labour Governments.