The Malta Developers Association (MDA) has said that it is “thrilled” that the month of May has “proven to be an exceptional period for the property market in Malta.”

In a statement, it noted that “with a record-breaking number of property promise of sales, May 2023 has become the best-ever month for real estate transactions in the country’s history.”

Promise of sale agreements in Gozo for May numbered 167, up by 49 agreements in April and by 54 for the same month last year, however, in relation to final deeds of sale on residential property in May, Gozo registered 146, this was up 28 on April but down 59 on May 2022.

The MDA said that “the surge in total promise of property sales from May 2022 to May 2023 was from Euro 360, 440,685 to Euro 449,513, 813 an increase of Euro 89,013,128 or 25%. The number of promise of property sales increased from 1388 to 1617 or 16%.”

It went on to say that the surge in total promise of property sales has been ongoing for period January to May 2022 for the value of Euro 1,626, 851,362 to January to May 2023 for the value of Euro 1,931,836,439 an increase of Euro 304,985,077 or 19% and the number of Promise of sales for period January to May 2022 from 6155 to January to May 2023 6976 or 13%.

The MDA said it attributes this “remarkable achievement to various factors, including favourable market conditions, a strong economy, and continued investments in the development of the real estate sector.”

“We are delighted to witness such an extraordinary milestone for the property market in Malta,” said Michael Stivala, President of the Malta Developers Association.”

He added that, “the record-breaking sales figures in May are a testament to the strength and resilience of our industry. Despite the challenges posed by the global pandemic, the Maltese property market has demonstrated remarkable growth, solidifying its position as a prime investment destination.”

The MDA also acknowledged the “collective efforts of its members, real estate agents, developers, and other industry stakeholders in achieving this remarkable feat. Their dedication, innovation, and commitment to delivering high-quality properties have played a pivotal role in attracting local and international buyers.”

“The Malta Developers Association remains committed to fostering a conducive environment for sustainable growth in the property sector,” said Michael Stivala.

He added, “we will continue working closely with the government, regulatory bodies, and our members to ensure the continued success and advancement of the real estate industry in Malta.”

The association concluded by urging all stakeholders to “uphold the highest standards of professionalism, transparency, and integrity to maintain the trust and confidence of buyers and investors.”

File photo: Gozo News/Alain Salvary

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