gozo

Malta’s residential property market continues its hot streak as final sales registered in May reach total value of €319.50 million, making it the best month for the sector since the start of 2018.

Last month, property sales finally reached pre-pandemic levels, while results for Q1 showed that the property sector was well on its way to a full recovery.

May 2021 saw an increase of 606 final deeds of sale when compared to a year earlier, with 1,158 deeds being finalised when compared to 552 in May 2020, when Malta was under a quasi-lockdown that left deep impacts on the economy.

Registered final deeds of sale – monthly (NSO 105/2021)

The value of these deeds (€319.5 million) is in fact more than three times higher than the corresponding value recorded in May 2020.

The vast majority of these final deeds of sales (1,075, or 92.8 per cent) involved individual buyers (households), with companies accounting for virtually all the rest.

The value of the deeds involving individual buyers (households) amounted to €208.2 million, equivalent to 65.2 per cent of the total value.

With regard to the region the property is situated in, the highest numbers of final deeds of sale were recorded in the Gozo, and the Ħaż-Żabbar, Xgħajra, Żejtun, Birżebbuġa, Marsaskala and Marsaxlokk regions, at 170 and 158 respectively.

Number of final deeds of sale by period of registration and region (NSO 105/2021)

The lowest numbers of deeds were noted in the Cottonera region, and the region of Mdina, Ħad-Dingli, Rabat, Mtarfa and Mġarr. In these regions, 12 and 36 deeds were recorded respectively.

In May 2021, 1,478 promise of sale agreements relating to residential property were registered, an increase of 967 agreements over the same period last year.

Individual potential buyers (households) accounted for 1,351, or 91.4 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 Gozo, and the Ħaż-Żabbar, Xgħajra, Żejtun, Birżebbuġa, Marsaskala and Marsaxlokk regions, totalling 225 and 182 respectively.

Number of promise of sale agreements by period of registration and region (NSO 105/2021)

The lowest numbers were noted in respect of properties located in the Cottonera region, and the region of Mdina, Ħad-Dingli, Rabat, Mtarfa and Mġarr. The first-mentioned region accounted for 21 agreements and the second region accounted for 42 agreements.

Passenger traffic through Malta International Airport registers recovery of 88% in November

December 7, 2022
by BN Writer

November’s recovery rate was the strongest the airport has registered so far

Malta paying too high a price for mediocrity in construction, Chamber of Construction Management says

December 7, 2022
by Robert Fenech

Comments follow another tragic death after a building collapse

With about as many ride-hailing services as New York, how many more can Malta take?

December 7, 2022
by Arnas Lasys

Both eCabs and Bolt see multi-modality as the future for Malta