Commercial Property Price Index: 2024

Cut-off Date: 01 September 2025

Introduction

This publication presents provisional statistics on commercial property price indices by the primary use of the dwelling, developed in line with the methodological principles and recommendations issued by the ESRB and Eurostat. As provisional statistics, the results are released to inform users and while aligned with the most recent regulations, these estimates are not yet final and should be interpreted with caution. For further details on the regulatory framework guiding these computations, refer to the methodological notes section.

Results

During 2024, the Commercial Property Price Index (CPPI)¹ stood at 146.24, an annual rise of 11.1 per cent when compared to the previous year. In the period under review, the Offices Index and the Retail Index stood at 149.19 and 145.82, registering annual rates of -6.6 per cent and 12.8 per cent, respectively (Tables 1 and 2, Chart 1).

¹The CPPI includes offices, retail, warehouses, residential dwellings for commercial use and others.

Table 1. Commercial Property Price Index (CPPI) by property use and period

Table 2. Yearly price changes by property use and period (%)

Methodological Notes

1. The CPPI is based on data provided by the Malta Tax and Customs Administration (MTCA).

2. The CPPI aggregates the indices of offices, retail, warehouses, residential dwellings for commercial use and others, using a Laspeyres-type formula. The weights used to compile the index are based on the value of transactions for the five property-use categories. Moreover, the CPPI is chain-linked every year. This enables the revision of weights on an annual basis.

3. It is widely recognised that the price of a property is dependent on its location, type (intended primary use), state of maintenance and finish, tenure, and size, amongst others. Since the characteristics of the properties transacted are likely to vary between periods, properties are quality-adjusted to account for these differences in characteristics. The rolling time-dummy method is used to compile the quality-adjusted indices. A more detailed methodological note for the CPPI can be acessed here. The CPPI and the Residential Property Price Index (RPPI) are mutually exclusive; and transactions do not overlap between the two indices. More information about the compilation of the RPPI may be found under the methodological notes section of the news release.

4. Commercial real estate indicators are currently transmitted to Eurostat on a voluntary basis. These CPPIs are not published by Eurostat as a harmonised regulatory framework is still being finalised. This analysis was part of an EU Grant Agreement (SMP-ESS-2023-RES-IBA), aimed at minimising data gaps in the commercial real estate.

5. The sample consists of around 1,000 property transactions per year.

6. Indices are presented with 2018 as the reference year (2018 = 100).

7. Source data is provisional and subject to revisions.

8. Definitions:

Commercial Real Estate: any income-producing real estate, either existing or under development.

Office: property primarily used as professional or business offices.

Retail: property used for providing services or selling goods.

Warehouse: property used for the purposes of production, distribution and logistics.

Other: commercial property types not classified elsewhere, excluding open-air spaces.

Residential properties for commercial use: real estate intended for residential purposes, which are purchased by non-individuals.

Quality-adjusted price index: A quality-adjusted price index accounts for the differences in the physical characteristics of a property type across the whole time series, which is dependent on its location and size, amongst others.

Annual rate of change: the percentage increase or decrease in a value (index) compared to the previous year.

9. More information relating to this news release may be accessed at:

Statistical Concepts

10. References to this news release are to be cited appropriately. For guidance on access and re-use of data please visit our dedicated webpage.

11. A detailed news release calendar is available online.

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Statistical Insights

Commercial Property Price Index: 2024

Introduction

Results

Table 1. Commercial Property Price Index (CPPI) by property use and period

Table 2. Yearly price changes by property use and period (%)

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