August sees €280 million in residential property change hands

Over a quarter billion euro of property was bought and sold during August, with 2022 so far showing robust real estate activity despite rising inflation and uncertainty surrounding the international security situation.

The number of final deeds of sale registered amounted to 1,228, an increase of 58 when compared to a year earlier. In total, these properties are worth €280.1 million, 13 per cent higher than the value of property that changed hands in August 2021.

Gozo and the region comprising Zabbar, Xghajra, Zejtun, Birzebbuga, Marsaskala and Marsaxlokk saw the highest number of final deeds of sale, at 184 and 155 respectively, while the lowest numbers were recorded in the Three Cities area (Birgu, Isla, Bormla, Kalkar) and Three Villages area (Attard, Balzan, Iklin, Lija) where only- 24 and 45 deeds, respectively, were recorded throughout July.

Promise of sale agreements

The future continues to look bright for the property sector, with 918 promises of sale being registered, 30 more than during the corresponding period of 2021.

The largest numbers of promise of sale agreements corresponded to residential properties situated in the two regions of Birkirkara, Il-Gzira, Msida, Ta’ Xbiex and San Gwann, and Zabbar, Xghajra, Zejtun, Birzebbuga, Marsaskala and Marsaxlokk, totalling 121 and 113 respectively.

The lowest numbers were noted in respect of properties located in the region of Birgu, Isla, Bormla and Kalkara, and the region of Imdina, Dingli, Rabat, (Imtarfa and Imġarr. The first-mentioned region accounted for 19 agreements and the second accounted for 25 agreements (Table 5).