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February 27 2025 08:54:23 by PCLMedia
 
A recent study conducted by the Central Bank of Malta, in collaboration with the Gozo Regional Development Authority, has confirmed that Gozo remains one of the wealthiest regions in Malta. The findings indicate that Gozitan households enjoy high net wealth, low debt levels, and increasing income and consumption.

The study’s results were presented during a webinar titled Household Wealth: A Regional Analysis for Gozo. The data, derived from the Household Finance and Consumption Survey, reveals that Gozo ranks among Malta’s top three wealthiest regions, boasting a median net wealth of €334,000. This places Gozitan households ahead of many other regions, trailing only the Western and Northern regions. The study attributes this financial strength to a longstanding tradition of homeownership and prudent financial management.

A key factor contributing to Gozo’s wealth is its exceptionally high homeownership rate. In 2020, 89.1% of Gozitan households owned their homes, with real estate—particularly primary residences—representing a significant portion of their wealth. Despite a more moderate increase in property values compared to other regions, Gozo’s real estate market remains a fundamental pillar of household wealth.

The study notes a shift in Gozo’s property market from large, multi-story homes to smaller apartments. As a result, property value growth in Gozo has been more modest, with the median value of a primary residence increasing by 11.1% between 2017 and 2020. This rise is notably lower than the national median increase of 50% over the same period. Nevertheless, real estate continues to be a major driver of wealth in the region.

In addition to strong homeownership trends, Gozitan households have significantly reduced their debt levels. In 2020, the median household debt in Gozo stood at €31,000—almost half the debt levels recorded in the most indebted regions, such as the Northern and Southern Harbour areas. This marks a significant 61.4% reduction in debt since 2017, when Gozo was the most indebted region in Malta. The sharp decline in debt, combined with a low proportion of indebted households, has further enhanced the financial stability of Gozitan families.

Regarding income, Gozitan households reported a median gross income of €31,843 in 2020, surpassing the national median of €29,700. This reflects an 18.2% increase from 2017, indicating improved economic conditions. Employee wages constitute the largest share of total income at 68.2%, with self-employment income also playing a notable role, accounting for 13.7% of household earnings.

Consumption patterns in Gozo have also evolved, with household spending seeing a considerable rise. Between 2017 and 2020, median household consumption increased by 26.6%, reaching €11,400. This growth rate is the second highest in Malta, underscoring the increased purchasing power of Gozitan households despite the economic challenges brought on by the Covid-19 pandemic.

Overall, the study highlights Gozo’s strong financial standing, driven by high homeownership, declining debt, and growing incomes. These factors contribute to the region’s position as one of Malta’s most prosperous areas, reinforcing its economic resilience and stability.
 

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