Property transactions decline in November, but value increases 15% to €303 million

November 2024 saw a decline in Malta’s residential property market activity, with final deeds of sale falling by a marginal 1.9 per cent and promise of sale agreements decreasing by a more significant 5.2 per cent when compared to the same month in 2023.

Fresh data released by the National Statistics Office (NSO) shows that final deeds of sale relating to residential property amounted to 997, a decrease of 1.9 per cent when compared to those registered in November 2023.

However, the total value of these deeds increased by 15 per cent, reaching €303.4 million.

Households continued to make up the vast majority of buyers, with just nine per cent acquired by companies and other entities. That small percentage was nonetheless responsible for 27.7 per cent of the transacted value, indicating that corporate buyers are more likely to acquire more valuable properties, or entire blocks.

The highest numbers of final deeds of sale were recorded in St Paul’s Bay (74), Birkirkara (64) and Marsaskala (55)

The sum of agreements recorded in these localities corresponded to 19.4 per cent of the total final deeds of sale registered during November 2024.

During the month under review, the number of properties transacted in the final deeds of sale was equivalent to 1,094. Apartments (366) and garages (215) accounted for the largest shares, at 33.5 per cent and 19.7 per cent, respectively.

Promise of sale agreements

In November 2024, 1,165 promise of sale agreements relating to residential property were registered, equivalent to a decrease of 5.2 per cent over the same period in 2023.

The highest numbers of promise of sale agreements were recorded in St Paul’s Bay (82), Mosta (53) and Birkirkara (52)

The sum of agreements recorded in these localities corresponded to 16.1 per cent of the total promise of sale agreements registered during November 2024.