The Malta Development Association (MDA) struck a celebratory note in a retrospective of 2023, saying that the year “concluded on a high” with promise of sale agreements up by nine per cent over the preceding year, setting up 2024 to be a strong year for Malta’s property sector.
The total value of these transactions also increased by 10 per cent when compared to the previous year, it said.
“This means that the total promises of sale for 2023 reached 16,636, with a value of around €4.6 billion.”
It pointed out that this is a three per cent increase on the €4.2 billion registered in 2022, and brings the figures for 2023 very close to 2021 (€4.8 billion), “which was the second best year ever for the property market.”
The MDA said that the data “confirms the resilience of the property market” and “also confirms that property remains the investment of choice of Maltese families and that the sector represents the interests of thousands of investors, big and small.”
To sustain the sector’s momentum, the MDA is calling on the Government to “continue investing in infrastructure and also have incentives for greener buildings on top of its priorities.”
It also urged the authorities to introduce “further incentives to help Maltese buyers continue to afford buying rather than renting properties, contrary to most other European markets.”
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