House prices in Malta soared by a massive 17 per cent over the last 12 months, according to new figures.
The good news for home owners came from property giants Knight Frank, which said prices had jumped by nine per cent in the past few months alone.
It said Malta had pulled ahead of pricey Hong Kong to become the world’s fastest growing housing market.
Malta’s booming economy and limited housing stock helped prices to soar in the second quarter of 2018 compared to the same time a year ago.
Malta unseated Hong Kong, which had the strongest annual price growth in the first quarter of this year and has led Knight Frank’s Global House Price Index since 2009.
Kate Everett-Allen from Knight Frank International said: ‘Compared to the rest of the world, the double-digit growth in Malta and Hong Kong is exceptional.’
Globally, prices grew at a modest rate of 4.7 per cent.