Are you curious about the cost of living in Malta in 2024? You’re not alone. Many expats are attracted to this Mediterranean island for its climate, culture, and reasonable living expenses. In this article, we’ll examine the various expenses you’ll encounter in Malta, helping you make informed decisions and plan your budget for a successful relocation. Malta is a great choice for those looking for a low cost of living.
We will outline the estimated monthly costs of living in Malta in 2024, such as rent, groceries, utilities, transport, entertainment, and healthcare. We’ll also provide tips on making your money go further with smart choices in food and housing. We will also compare expenses in the capital city, Valletta, with those in the smaller city, Sliema.
Now let’s dive into how much you will need to spend if you make the move to Malta!
Investigating the Cost of Living in Malta
When you’re considering moving to Malta, it’s essential to get a grasp on the cost of living in order to create a realistic budget. We will discuss the monthly expenses you’re likely to face, such as rent, groceries, utilities, transport, entertainment, and healthcare plans. However, you may also need to consider other factors when moving to Malta such as:
- Any fees associated with moving to Malta such as visa fees, or investments
- If you have to pay any extra income tax or property tax
Monthly Budget in Malta
Rent
The cost of renting an apartment or house in Malta can vary significantly based on location and size. Most people relocating tend to choose one-bedroom apartments, as they’re usually more affordable than larger homes.
According to the updated Numbeo’s cost of living statistics from March 2023, the average rent for an unfurnished one-bedroom apartment outside the city centers ranges from €515 (USD 544) to €745 (USD 788), with rentals within city centers being more expensive at around €660 (USD 698)-€975 (USD 1031).
The rent for a two-bedroom apartment outside the city center ranges from €775 (USD 819)-€1100 (USD 1163), whereas it ranges from €900 (USD 952)-€1550 (USD 1639) inside the city center.
With the most expensive option being for a three-bedroom apartment, the rent outside the city center ranges from €1000 (USD 1057)-€1550 (USD 1639), and from €1300 (USD 1375)-€2200 (USD 2327) inside the city center.
Groceries
The cost of grocery shopping in Malta can vary depending on where you shop and what you buy. Generally, prices are quite consistent across different supermarkets. According to Expatistan’s 2023 Maltese price index, basic grocery items such as eggs and milk may cost between €1-4.50 (USD 1.06-4.76).
| Food Item | Average Cost |
|---|---|
| 1 litre (1 qt.) of whole-fat milk | €0.91 |
| 12 eggs, large | €3.09 |
| 1 kg (2 lb.) of tomatoes | €1.73 |
| 500 g (16 oz.) of local cheese | €6.00 |
| 1 kg (2 lb.) of apples | €2.02 |
| 1 kg (2 lb.) of potatoes | €1.32 |
| 0.5 l (16 oz) domestic beer in the supermarket | €1.23 |
| 1 bottle of red table wine, good quality | €7.00 |
| 2 litres of Coca-Cola | €1.76 |
| Bread for 2 people for 1 day | €0.86 |
Information Sourced: Expatistan
Utilities
When it comes to utility bills in Malta (which include electricity, heating, and water), they can vary greatly depending on how much you use. On average, you might expect to spend around €70-170 (USD74-179) per month.
Here’s a tip: monitor your usage over time. This way, you can gauge where you might be able to economize and adjust your budget in line with your actual consumption. Not only will this help you save money, but it’s also a great way to lead a more eco-friendly lifestyle.
Transportation Costs
Your transportation costs in Malta will primarily depend on whether you own or rent a car, or if you opt for public transport such as buses or trains. Public transport in Malta is quite user-friendly and affordable, with single tickets costing around €2 (USD2.12). If you’re looking for a long-term solution, monthly passes might be the way to go, as they offer discounted fares. These passes typically start at around €26 (USD27.5) for adults and €21 (USD22) for students, making them a cost-effective choice for regular commuters.
| Transportation Item | Average Cost |
|---|---|
| One-way Ticket (Local Transport) | €2.00 |
| Monthly Pass (Regular Price) | €26.00 |
| Monthly Pass (Student Price) | €21.00 |
| Taxi Start (Normal Tariff) | €4.00 |
| Taxi 1 km (Normal Tariff) | €1.50 |
| Taxi 1 hour Waiting (Normal Tariff) | €20.00 |
| Gasoline (1 litre / 0.26 gallon) | €1.34 |
| Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) | €20,000.00 |
| Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) | €21,000.00 |
Entertainment Expenses
Entertainment expenses in Malta can significantly differ depending on individual tastes and preferences. However, it is possible to get a rough idea of the costs involved for popular activities such as dining out or enjoying a few drinks.
According to Numbeo, the average cost for a meal at a mid-range restaurant in Malta for two people is approximately €69 (USD 73), while a meal at an inexpensive restaurant may cost around €30 (USD 31.7) for two people. If you plan to indulge in a couple of drinks, be prepared to spend around €3-5 (USD 3.7) for a domestic beer and €4-6 (USD 4.9) for an imported beer or a cocktail.
Factoring in these expenses, a typical night out in Malta could cost you anywhere between €30-50 (USD 31.7-53) per person, not including any potential discounts or special promotions. Keep in mind that these prices may vary depending on the specific location, the time of year, and the type of establishment.
| Item | Average Price |
|---|---|
| Meal, Inexpensive Restaurant | €15.00 |
| Meal for 2 People, Mid-range Restaurant, Three-course | €69.00 |
| McMeal at McDonalds (or Equivalent Combo Meal) | €9.00 |
| Domestic Beer (0.5 litre draught) | €3.00 |
| Imported Beer (0.33 litre bottle) | €3.50 |
| Cappuccino (regular) | €2.35 |
| Coke/Pepsi (0.33 litre bottle) | €1.91 |
| Water (0.33 litre bottle) | €1.33 |
Healthcare
It is important to know about a European Healthcare Card and if you will require health insurance when traveling to or moving to European countries. When it comes to healthcare, citizens, residents, and ex-pats who work legally in Malta all have free access to public healthcare which covers hospitalization fees and national health services.
If you wish to opt for a private health insurance policy, plans start from €25 (26.4) per month. However, this fee will change based on your age, gender, and occupation.
Malta has a well-established healthcare system with modern facilities and qualified medical professionals, making it an ideal destination for those seeking quality healthcare services at an affordable cost.
Compare the Cost of Living in Malta’s Larger Cities
When assessing the cost of living in Malta, it is important to compare prices across its larger cities. As with any other country, there can be significant variations in prices between areas. For example, Valletta may have higher rents than Sliema or Gzira. Let’s take a look at some of Malta’s larger cities and their respective costs of living.
Get to Know Malta’s Larger Cities
Malta is made up of several distinct urban centers such as Valletta (the capital city), Sliema (the second-largest city), and Gzira (an affluent residential area). Valletta is renowned for its historical attractions, traditional streetscapes, vibrant culture, and nightlife, whereas Sliema offers family-friendly beaches and plenty of shopping opportunities at The Point Shopping Mall. Finally, Gzira boasts a waterfront promenade lined with cafés and restaurants that attract locals looking for an evening out on the town.
The Cost of Living in Malta’s Capital Valletta
Valletta stands out as one of Europe’s smallest but most densely populated capitals, making rental properties expensive compared to other parts of the island nation. According to updated data, rents in Valletta for a one-bedroom apartment in the city center start at around €900 (USD 951) per month, reaching up to €1400 (USD 1480), while outside these city centers, they range from €650 – €1,100 (USD 687 -1163).
For a larger three-bedroom apartment, city center prices begin at €1,500 (USD 1,586) and can go up to €3,000 (USD 3,172). Outside the city center, prices range from €1,100 – 2,500 (USD 1163 -2644).
Due to it being the most densely populated city, prices of general groceries can be more expensive, such as a loaf of bread costing €1.35 (USD 1.43) and 1kg of chicken fillet costing €9.22 (USD 9.75). Additionally, a meal at an inexpensive restaurant will cost €20 (USD 21.15). In terms of a monthly fee at a fitness club, it will cost €80 (USD 84.6). At an international primary school, the yearly fee will be €9500 (USD 10,045).
Additionally, utility bills tend to be high too. Per month the cost of utilities will range from €80 – €200 (USD 84.6-211.5).
Understand the Cost of Living in Malta’s Second City Sliema
Sliema offers a more budget-friendly option for those looking to relocate within Malta, primarily due to its lower housing expenses compared to Valletta or Gzira.
The cost for a one-bedroom apartment in the city center starts at around €850 (USD 899) per month, reaching up to €1400 (USD 1480), while outside these city centers, they range from €700 – €1,100 (USD 740-1163).
For a larger three-bedroom apartment, city center prices begin at €1,500 (USD 1,586) and can go up to €2500 (USD 2643). Outside the city center, prices range from €1,150 – 2000 (USD 1216 -2114).
The prices of general groceries are slightly less expensive, such as a loaf of bread costing €1.07 (USD 1.13) and 1kg of chicken fillet costing €7.88 (USD 8.33). Additionally, a meal at an inexpensive restaurant will cost €15 (USD 15.86). In terms of a monthly fee at a fitness club, it will cost €57.3 (USD 60.6). At an international primary school, the yearly fee will be €8000 (USD 846).
Additionally, utility bills tend to be high too. Per month the cost of utilities will range from €70-€160 (USD 74.02-211.5).
What’s the Average Salary in Malta in 2024?
The average salary in Malta in 2023 was €56,140 per year. Malta saw a notable rise in its average monthly salary, reflecting the country’s economic growth and stability in recent years. Data collected by the National Statistics Office showed that the average wage had climbed to €2,042 per month, which is an impressive increase compared to the preceding years. This indicates that the average salary in Malta for 2024 will rise beyond €56,140 per year.
This can be attributed to the government’s proactive approach to creating a favorable business environment, encouraging foreign investments, and supporting the Maltese workforce. The hard work and dedication of both local and expatriate employees have been a major factor in the country’s economic success. In response, the government has implemented several policies and initiatives to ensure fair wages for the workforce and to foster skills development.
All of these measures have helped in maintaining a competitive edge, resulting in a steady rise in the average monthly salary and improved quality of life for the residents of Malta. It is important to keep in mind that the average salary figures include a variety of professions and industries, and there are discrepancies between the salaries of different sectors.
For example, employees in the IT and finance sectors generally earn higher wages compared to those in the retail or hospitality industries. Nevertheless, Malta is dedicated to creating a balanced and thriving economy that offers fair remuneration for its workforce.
Estimating Your Monthly Budget in Malta
With the information provided above, it is now possible to estimate a monthly budget for living in Malta. Bear in mind that these figures are merely a guideline and can vary depending on your lifestyle, location, and preferences. For a single person, a typical estimated monthly budget may include:
| Expense Category | Estimated Monthly Cost |
|---|---|
| Rent (one-bedroom apartment outside the city center) | €515 – €745 |
| Groceries | €150 – €250 |
| Utilities | €70 – €170 |
| Transportation (public transport monthly pass) | €26 |
| Entertainment (dining out, drinks, and leisure activities) | €100 – €300 |
| Healthcare (insurance or out-of-pocket expenses) | €50 – €100 |
Based on these estimates, a single person can expect to spend around €911 (966 USD) to €1,591 (1687 USD) per month on living expenses in Malta. Keep in mind that these costs will vary depending on individual choices, such as opting for a more expensive apartment or indulging in more entertainment activities. The key is to find the right balance between your needs and budget while enjoying the unique experiences that Malta has to offer. For families or couples, the estimated monthly budget may increase, as larger accommodations and additional expenses such as childcare or school fees might be necessary. However, it is essential to bear in mind that many families living in Malta benefit from sharing costs and saving on expenses, such as groceries and utilities.
Are You Ready to Make the Move to Malta?
After reviewing the different components of the cost of living in Malta, it’s clear that this Mediterranean gem offers ex-pats a favorable lifestyle at an affordable price. From cities such as Valletta and Sliema to charming villages all over the island, there is something for everyone – regardless of their budget. Whilst prices can differ drastically depending on location, preferences, and lifestyle choices, understanding each expense involved will help make sure that your relocation is successful and stress-free. Malta is a beautiful place to live and it’s a great bonus that it won’t break the bank!
Contact us at Next Generation Equity for a free consultation on Residency by Investment or Citizenship by Investment in Malta.
