In a time where the cost of living seems to be perpetually on the rise, many individuals, including digital nomads, investors, and retirees, are seeking out destinations where they can get more value for their money.
If you are looking to explore and expand your options and possibilities, take a closer look into the picturesque Mediterranean archipelago of Malta. Blessed with sunny weather, rich history, and relatively affordable lifestyle, Malta presents an attractive option for budget-conscious travellers looking to escape the escalating expenses of North America.
Besides, being a full-fledged EU Member, Malta boasts a robust economy, stable political and social scene, and thriving business environment, making it a hotspot for foreign investment.
But what’s the financial reality of living here? Whether you’re eyeing a business venture or considering Maltese citizenship or Permanent Residency, we’ve got all the facts and figures you need to know, right here.
Despite its compact size, Malta offers a variety of housing options, ranging from charming apartments to luxurious penthouses. Rental prices are influenced by factors like location, amenities, and square footage. In highly sought-after areas such as Valletta, Sliema, and St. Julian’s, apartment living reigns supreme, with a one-bedroom apartment typically renting for an average of €800 - €850 per month. Moving slightly away from the centre, you can find similar properties for around €650 - €700 a month. Opting for a 2 bedroom apartment will cost you around €1,000, while three-bedroom units typically start at €1,300 and go higher. As for high-end rentals like villas, prices might start from €1,400 per week, but it all depends on the location you’re eyeing and of course the time of year. Additionally, utilities for an 85-square meter apartment typically amount to approximately €80 monthly.
Overall, both housing and utility costs are significantly lower than the US average.
Malta boasts a vibrant culinary scene, with approximately 90% of potatoes being exported, contributing significantly to our economy. Additionally, being an EU member, Malta enjoys tariff-free trade, helping to maintain relatively affordable food prices. While imported goods may come with a higher price tag, locally sourced essentials like eggs, milk, and bread remain budget-friendly.
For the fish-lovers out there, it’s worth noting that the fishing industry in Malta is crucial to its economy despite challenges like low productivity and underinvestment. Interestingly, tuna and dolphin fish fisheries account for over 65 percent of annual landings, with main fishing ports located at Marsaxlokk Harbour and Mġarr Harbour. EU accession offers opportunities for funding fleet modernisation and sustainable practices. Additionally, the Fisheries Management Zone around the Maltese Islands supports local fisheries resources and sustains the industry.
Thrifty shoppers can find significant savings by exploring the island’s 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, though this figure may vary depending on individual preferences.
Dining out is equally wallet-friendly, with local eateries dishing up hearty meals and beverages at reasonable prices. Think €15 for an inexpensive restaurant meal, or €30 for something mid-range, with higher-end establishments offering a wider price range. And the variety of restaurants in Malta is endless, spanning cuisines such as Maltese, Italian, French, Middle Eastern, Asian, and American.
Takeaway options are also readily available, costing around €10 per person—including a soda. Prices vary between €6 and €20 depending on the restaurant, but plenty of joints deliver straight to your door via handy apps.
In terms of beverages, your morning cappuccino will set you back around €2.20, or about €66 a month if you're sipping daily. Compared to the US, where a cappuccino may cost around $4.50, Malta presents a more affordable option.
Beer is on the cheap side too, at around €3.00 a pint. A monthly beer budget will amount to approximately €36 if you're hitting the pub once a week—way cheaper than stateside prices, where a local beer may cost around $5.20.
Besides, Malta has its own good quality wines, alongside imports from the region’s finest vineyards. In a mid-priced restaurant, a bottle of good-quality wine typically costs around €20.00.
In contrast to mainland Europe, Malta's transportation infrastructure is primarily reliant on road networks, with private transportation being a popular choice. Gasoline prices are around €1.40 per litre but given Malta's compact size, opting for private transportation remains a cost-effective option for many. Filling up a tank may require budgeting around €70, whereas diesel is priced at approximately €1.21 per litre. Additionally, Malta's government offers strong incentives for owning an electric car, including grants, which can significantly reduce the cost of ownership. The island also boasts several car charging stations, promoting the use of environmentally-friendly vehicles.
Public buses and ferries offer convenient rides too, starting at €2.50 during the day and €3 at night. Plus, weekly or monthly passes make the deal even sweeter.
And for those who prefer to keep on working while on their way, taxis are also readily available with rates starting at around €2.50 for the first 1km. This provides an efficient and economical alternative to owning a car. There are several service providers to choose from, including well-known international services like Uber and Bolt, alongside eCabs, a leading local taxi service provider.
Car rentals also offer further flexibility, with daily rates starting from around €15.
Malta's healthcare system, comprising both public and private sectors, offers top-notch medical services at a fraction of the cost compared to the United States. Accessing healthcare is easy, with numerous medical centres spread across the archipelago. While public hospitals are efficient and modern, visiting a private doctor may cost you anything between €20 for a GP visit to €50 - €60 for a specialist.
And when it comes to staying fit, you’ve got plenty of options too. Gyms are dotted all over Malta, some even offering cool extras like spas, saunas, and swimming pools. Expect to pay about €50 a month for a standard gym membership in a central area.
As for leisure activities, Malta’s beautiful weather makes outdoor fun a breeze for most of the year, and it won’t cost you a dime. With its stunning coastline and numerous beaches, ranging from golden sands to pristine white shores, along with limestone swimming spots, there's no shortage of natural beauty to explore. Hiking trails crisscross cliffs, limestone formations, and caves, offering both easy strolls and challenging treks away from the bustling harbour areas.
Joining clubs and meeting fellow expats is another great way to enjoy your free time without breaking the bank. Valletta, Malta’s capital, boasts an impressive density of restaurants per square kilometre, offering a global culinary experience that will definitely appeal to lovers of fine dining and Michelin-starred restaurants.
Living in Malta also makes it easy to explore neighbouring Gozo, whether for a day trip or an overnight stay. Ferry travel costs less than €2.50 for foot passengers and €20 for cars, with crossings taking around 25 minutes and running regularly throughout the day and night. For a different perspective of the islands, consider renting quad bikes, with prices starting from around €70 for the day.
Cinemas are a popular entertainment option in Malta, with tickets typically priced at €6. Furthermore, as an island nation, boat trips are a hit among locals and visitors alike, with harbour cruises starting from around €7 from Marsaxlokk to Kalanka Bay in Delimara and going up to €36 if you opt to travel all the way to Comino’s Blue Lagoon—an unmissable attraction you should visit at least once. Additionally, the ferry service in The Three Cities provides an affordable option for exploring the area.
In a nutshell, Malta offers a bang for your buck like nowhere else. With its blend of affordability, beauty, and quality of life, it's the Mediterranean gem you've been dreaming of!
Contact DZ Advisory to explore more about Malta, and get in touch. One of our team members shall be in touch to guide you through Malta's Residency programmes.