Malta’s property market sees marginal downturn in July

Malta’s real estate market registered a minor downturn during July 2024, with final deeds of sale falling by 0.8 per cent over their year-ago level, while promise of sale agreements also fell by 1.9 per cent.

The total value of property transacted during the month was €280.5 million, a decrease of 2.2 per cent over July 2023.

New information released by the National Statistics Office reveals that 1,035 final deeds of sale were concluded during the month, 92.2 per cent of which involved individual buyers.

The highest numbers of final deeds of sale were recorded in the Northern Harbour and the Northern districts, with totals of 295 and 211 deeds, respectively.

On the other hand, the lowest numbers were registered in the Western and the South Eastern districts at 93 and 125 deeds, respectively.

The highest numbers of final deeds of sale were recorded in the following localities: St Paul’s Bay (102), Birkirkara (48) and Mosta (40). The sum of agreements recorded in these localities corresponded to 18.4 per cent of the total final deeds of sale registered during July 2024.

The 1,035 deeds of sale related to 1,115 properties. Apartments (408) and Garages (246) accounted for the largest shares, at 36.6 per cent and 22.1 per cent, respectively.

During the same month, 1,063 promise of sale agreements relating to residential property were registered, equivalent to a decrease of 1.9 per cent over the same period in 2023.

The largest number of promise of sale agreements related to residential properties were registered in the Northern Harbour district with 313 agreements, followed by the Northern district with 227 agreements.

On the other hand, the lowest figures of promise of sale agreements were noted in the Gozo and Comino, and the Western districts, at 106 and 111 agreements, respectively.

The highest numbers of promise of sale agreements were recorded in the following localities: St Paul’s Bay (114), Birkirkara (62) and Marsaskala (48). The sum of agreements recorded in these localities corresponded to 21.1 per cent of the total promise of sale agreements registered during July 2024.