House Prices

The localities which saw the highest number of residential property transactions in September were St Paul’s Bay, Birkirkara and Marsaskala, together accounting for 17.7 per cent of all sales during the month.

Like previous months in 2023, the number of final deeds of sale fell substantially by 23.6 per cent to 815, while promise of sale agreements increased by 5.3 per cent to 1,026

The total value home sold during the month was €227.8 million, representing a decrease of 9.1 per cent when compared to the corresponding value recorded in September 2022.

While individual buyers accounted for 91.9 per cent of the number of homes bought, the value of these properties was equivalent to 79.9 per cent of the total value. This indicates that companies, which account for virtually all the rest, bought residential properties of a much higher value.

When breaking down residential property sales by district, the northern Harbour District and the Northern District emerge as the most popular locations, with 261 and 140 transactions respectively.

In a marked reversal of previous trends, Gozo only registered 98 sales throughout September.

This was foreseen last year, when this newsroom reported that “Gozo’s reign as the hottest real estate market in the country may soon come to an end, as the region registered the highest decline in the number of promise of sale agreements registered.”

In fact, while the third quarter of 2022 saw 552 properties changes hands in Gozo, that number fell to 386 in the same period of this year.

When it comes to promise of sale agreements, the highest numbers were recorded in St Paul’s Bay(101), Msida (59) and Birkirkara (53), which together account for 20.8 per cent of the total promise of sale agreements registered during September 2023.

Meanwhile, the third quarter of the year saw an increase of 8.2 per cent in the number of promise of sale agreements, indicating that the property market will remain robust in the coming months.

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