July sees over €300 million in residential property sales

The number of residential property sales in Malta continued to fall in July, although higher prices mean that the total value of transactions for the month saw an increase over the corresponding period of 2021.

The number of final deeds of sale relating to residential property amounted to 1,246, a 10.1 per cent decrease when compared to those registered a year earlier, but the value of these deeds totalled €307.8 million, 2.4 per cent higher than the corresponding value recorded in July 2021

Nine in 10 of these final deeds of sale involved individual buyers (households), with companies accounting for virtually all the rest. The value of the deeds involving individual buyers (households) amounted to €260.5 million, equivalent to 84.6 per cent of the total value.

Gozo was once again the Maltese Islands’ hottest property market, with 174 homes changing hands, ahead of second placed Gzira, Msida, Ta’ Xbiex and San Gwann which had a combined total of 160 saes.

The lowest numbers of deeds were noted in the region of Birgu, Isla, Bormla and Kalkara (18), and the region of Mdina, Dingli, Rabat, Mtarfa and Imgarr. In these regions, 18 and 39 deeds were recorded respective.

Promise of sale agreements

In July 2022, 956 promise of sale agreements relating to residential property were registered, equivalent to a 13.2 per cent decrease over the previous year. Individual potential buyers (households) accounted for 881, or 92.2 per cent, of these agreements, while the rest mainly involved companies.

The largest numbers of promise of sale agreements corresponded to residential properties situated in the two regions of Birkirkara, Gzira, Msida, Ta’ Xbiex and San Gwann, and Gozo, totalling 135 and 129 respectively. The lowest numbers were noted in respect of properties located in the region of Il-Birgu, L-Isla, Bormla and Il-Kalkara, and the region of Attard, Balzan, Iklin and Lija. The first-mentioned region accounted for 20 agreements and the second accounted for 24 agreements.