Malta is a small island in the Mediterranean known for its rich history, amazing coastal sights, and a unique blend of many different cultures. People are drawn to the idea of living in Malta for several reasons, such as an extensive network of remote and on-site career opportunities, safety, LGBTQ+ acceptance, and the summery weather among other factors.
One key factor attracting expats to Malta, is the country’s affordability to live comfortably. In 2024, consumer prices in Malta were 12.4% lower than the EU average, and over 40% lower than countries such as Austria, Switzerland, Denmark, and the U.S.
In this article, we delve into key components to learn more about the cost of living in Malta.
Currency in Malta
A few years after joining the European Union, Malta adopted the euro (€) as its official currency. While currency values constantly change, here are the value of the euro converted into other currencies:
$1000 = €926*
£1000 = €1195*
When living in Malta, you can exchange currencies with banks such as Bank of Valletta, HSBC Malta, and Fexserv, alternatively you can use Moneybase to benefit from the lowest currency exchange rates on the island.
*The currency displayed was updated on the 10/04/2025, for the updated and live exchange rate download the Moneybase app. The exchange rate is applicable on multi-currency cards, manual foreign exchanges and when sending Money
Buying and renting property in Malta
The real estate market in Malta is constantly developing, and property remains in high demand. Despite being a very small island, there are many opportunities to either rent or even purchase property.
Buying property in Malta is considered a profitable investment, as prices have continuously increased over the past 10 years and continue to show promising value projections for the future. Prices vary depending on different regions and localities. When purchasing property in Malta, you will have to pay a 5% stamp duty and up to 2% in legal fees. While purchasing property in Malta is considered a great long-term investment, it is a time-consuming, not financially easy for expats that have just relocated, and will most probably require other means of financing such as a bank loan. That’s where renting may be a more viable option for most expats in Malta.
According to Eurostat, the monthly average costs to rent a 1-bedroom apartment and a 3-bedroom apartment in central Malta, are €900 and €1550 respectively.
Cost of transport in Malta
Public transportation in Malta is mostly free and primarily bus-based, with multiple routes covering the entire island, and services running until midnight. There are also ferries connecting Gozo, Comino, Valletta, Sliema and Birgu.
For those choosing to drive their own car, as of March 2025, the prices for petrol and diesel were €1.34 per liter and €1.21 per liter respectively. Taxi services such as Uber and Bolt are available in Malta, with prices varying depending on location, distance covered and time of driving.
Healthcare in Malta
Healthcare is one key benefit when living in Malta. Malta’s healthcare system is publicly funded and free for residents contributing to social security, covering government clinics and hospitals. Certain restrictions may apply.
Private healthcare is also available, with GP and specialist visits costing approximately between €20 and €50. It is highly recommended for both locals and expats to have a dedicated health insurance policy for peace of mind and additional coverage in unexpected occurrences.
All you need to know about moving to Malta
Thinking about moving to Malta? Read our moving to Malta blog for more useful tips and information to help you navigate the process such as obtaining a visa, housing options, healthcare, studying, transportation, and opening a bank account in Malta as an Expat.
Payment services are brought to you by Moneybase Limited (MB) C 87193 which is licensed by the MFSA to transact the business of a Financial Institution in terms of the Financial Institutions Act, Cap 376. All investment services are brought to you by Calamatta Cuschieri Investment Services Ltd (CCIS) C 13729 which is licensed by the MFSA to undertake investment services business under the Investment Services Act, Cap 370. Calamatta Cuschieri Investment Services Ltd is a member of the Maltese Investor Compensation Scheme (“Scheme”). Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). The value of investments may go up as well as down and investors might not get back the original amount invested. MB and CCIS are both subsidiaries of the Calamatta Cuschieri Moneybase plc with their registered address situated at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara, BKR 9034, Malta.
FAQs
The costs to move may vary on multiple factors such as if you’re moving alone or with your family, from where you’re relocating, and much more. Check out our moving to Malta – a comprehensive guide for your finances in Malta for more information.
Malta’s cost of living is about 12.4% lower than the EU average, with moderate rent, free public transport, and affordable private healthcare. For a single person, monthly living costs average between €1,500 – €2,000.
You can exchange currency at major banks, airports, and local forex agencies. Unfortunately, the exchange rates offered by these options aren’t favorable. Thanks to Moneybase, you can benefit from the lowest exchange rates in Malta on manual exchanges, card transactions, and international money transfers, all done online!
With Moneybase, you can exchange 24 currencies using the app or on web, with real-time rates, no hidden fees, and most importantly, one of the best currency exchange rates in Malta on manual exchanges, card transactions, and international money transfers.
