How to get the best out of this real estate study?
Market Research is a proven scientific way of further understanding local trends and population behaviour so that individuals, corporate entities and capable authorities may adapt their perception and implement strategies in a manner that best suits the general population.
In theory, through asking questions to a qualified targeted sample (500+) audience one can interpret that the answers emulate a 95% certainty that the results have a statistical precision of ±4.4 percentage points of what they would be if the entire relevant population had been surveyed with complete accuracy.
As a leader of the real estate Industry, the company feels that as part of their corporate core values that this invaluable information should be available to the general public and as such must be utilised as a benchmark.
The detailed information within this research answers several relevant questions that all demographics across the Maltese Islands may find appealing and will thereafter learn to appreciate their own position in the market place and be able to make more informed decisions.
Examples on how to understand this research
For example, knowing that the average expenditure on housing is that of 26% might be just a figure, however when comparing this to other European countries and understanding that the Maltese General public spends 14% less than others on housing should trigger an appreciation towards the fact that a cheaper cost of housing in Malta may balance out the fact that the minimum wage is lower than the European average. Many other countries are burden by council tax and other ancillary taxes which the Maltese population has not been afforded.
In this section we identified patterns that may be utilised as guidelines for potential buyers and sellers. For example, the most important aspect that affects a potential buyer’s decision towards a home is that of the brightness of a property. If you are trying to sell a property and it does not have natural light or not enough it may be time to speak to an interior designer or an architect to provide you with a solution to attract more light into your property. An adjustment to the home may mean that you can invest in the home but also get back your investment from the eventual selling price. Another important aspect is a parking space. You might want to scour the neighborhood to find out if there are any garages available for rent or possibly for sale so that if a buyer enquires you may easily provide a solution.
Viewing of Properties
It is evident that one has his/her own taste and thus the time that they may take to find a property may vary. By understanding the average number of homes viewed (11) and time (4 months) to buy a property, a potential buyer may plan ahead of time accordingly. One must note that the statistics are averaged out so one must allow for a contingency.
Owning a second residence
Over 18% of the population claims to own a second residence, more than 3% than the average in Europe. This trend provides indication that owning a second residence is a safe investment.
Many of the results below have been heresy for a number of years however today they are proven through this study. These are just some examples of how you can make use of a quantitative study for your own purposes. Of course, it is always recommended that you speak to a reputable professional that can guide you further through their own experience.
It is RE/MAX Malta’s commitment to continue to provide such cutting edge market knowledge to the public eyes. Should you have any questions, do not hesitate to send us a request through the contact form.