In June, promise of sale agreements continued to rise while final deeds of sale fell

The real estate market trend of a year-on-year increased in promise of sale agreements signed coupled with a contraction in final deeds of sale has continued.

Final deeds of sale decreased by 18.1 per cent to 978 in June 2023 when compared to the previous year. The drop was coupled with a decline in total value of deeds, which contracted by 12 per cent to €248.2 million.

This puts the average value of a deed of sale at €253,783 for June.

Looking at entire second quarter of 2023 in retrospect, while companies were only responsible for eight per cent of all final deeds of sale signed during that period, they were responsible for 20 per cent of their total value.

Therefore, the average value of a final deed of sale signed by a company was worth €623.868, while the average value of a final deed of sale signed by an individual was €222,995.

The highest number of final deeds of sale were recorded in the Northern Harbour Region and the Northern Region, registering a total of 294 and 185 deeds respectively.

Meanwhile, the Western Region recorded the fewest number of deeds of sale (93).

Conversely, promise of sale agreements increased by five per cent year year-on-year, with a total of 1,141 being registered. Individual potential buyers accounted for 91.1 per cent of agreements while the rest mainly involved companies.

The largest number of promise of sale agreements were registered St.Paul’s Bay (84), Birkirkara (56), Qormi (47) and Ħamrun (44). The sum of agreements recorded in these localities accounts for 20.1 per cent of the total number registered during the month.