Malta's Cost of Living - 2024 Expat Evaluation
During this era of escalating living costs, a growing number of individuals, including digital nomads, investors, and retirees, are actively seeking destinations that provide better value for their money.
For those looking to broaden their horizons and explore new possibilities, consider the enchanting Mediterranean archipelago of Malta. Blessed with abundant sunshine, a rich historical legacy, and a relatively affordable lifestyle, Malta presents an attractive option for budget-conscious travelers seeking refuge from the soaring expenses of North America.
As a full-fledged EU Member, Malta boasts a robust economy, a stable political and social environment, and a flourishing business ecosystem, positioning it as a prime destination for foreign investment.
Eurostat data indicates that in 2023, prices in Malta were 12.4% below the EU average and more than 40% lower than in countries such as Austria, Switzerland, and Denmark.
But what is the financial reality of living here? Whether you're contemplating a business venture or exploring options for Maltese citizenship or Permanent Residency, we have compiled all the pertinent facts and figures you need to make informed decisions.
Housing and Utilities:
Despite its modest size, Malta offers a diverse range of housing options, from charming apartments to luxurious penthouses. Rental prices vary based on factors such as location, amenities, and square footage. In highly sought-after areas like Valletta, Sliema, and St. Julian's, one-bedroom apartments typically rent for an average of €800 - €850 per month. Moving slightly away from the city center, similar properties can be found for around €650 - €700 per month. Two-bedroom apartments command around €1,000, while three-bedroom units start at €1,300. High-end rentals like villas may begin at €1,400 per week, with rates varying by location and season. Additionally, utilities for an 85-square meter apartment amount to approximately €80 monthly.
Overall, both housing and utility costs in Malta are notably lower than the US average.
Food:
Malta boasts a vibrant culinary scene, with locally sourced essentials like eggs, milk, and bread remaining budget-friendly. The fishing industry plays a crucial role in Malta's economy, with tuna and dolphinfish fisheries accounting for over 65% of annual landings. Thrifty shoppers can find significant savings at local markets, where fresh produce and seafood are competitively priced. On average, a weekly grocery bill for a single person consuming a healthy diet totals approximately €100.
Dining out is equally affordable, with local eateries offering hearty meals at reasonable prices (around €15 for budget options). Malta's restaurant scene spans various cuisines, including Maltese, Italian, French, Middle Eastern, Asian, and American.
Transportation:
Malta's transportation infrastructure relies primarily on road networks, with private transportation being a popular choice due to the island's compact size. Gasoline prices are around €1.40 per liter. Public buses and ferries offer convenient options starting at €2.50 during the day. Taxis are readily available, with fares starting at around €2.50 for the first kilometer. Car rentals provide flexibility, with daily rates starting from approximately €15.
Health and Fitness:
Malta's healthcare system, comprising both public and private sectors, offers quality services at lower costs compared to the United States. Visiting a private doctor may range from €20 for a GP visit to €50 - €60 for a specialist. Gyms are plentiful across Malta, with memberships averaging around €50 per month.
Education:
Schools and kindergartens may offer free education to foreign children whose parents hold residency and a work permit in Malta. Otherwise, expatriates typically cover the costs of education by enrolling their children in private institutions.
For preschool and secondary school education, a month in a private kindergarten in Malta typically ranges from €400 to €600. Annual fees at private schools’ average around €8,000.
Regarding higher education, tuition fees at Maltese universities generally range from €5,000 to €75,000 per year, depending on the field of study and degree specialisation. Diplomas awarded by Maltese universities are recognized in the EU and some other countries, facilitating job opportunities abroad for foreign students studying in Malta.
Entertainment:
Malta's pleasant climate allows for year-round outdoor activities, with stunning beaches and hiking trails to explore. Joining clubs and meeting fellow expats is a popular way to enjoy leisure time. Cinemas and boat trips are also favored entertainment options.
In summary, Malta offers exceptional value for money with its affordability, natural beauty, and quality of life. To learn more about exploring Malta and its Residency programs, contact DZ Advisory. One of our team members will be delighted to assist you in navigating your options.