The Malta Developers Association said the local property market has concluded 2023 “on a high as local promises of sale have increased by 9%.”
However, according to data from the National Statistics Office, almost every month during 2023 promise of sale agreements in Gozo were down on the previous year, such as the last figures for November [1] which show that once again, both final deeds of sale and promise of sale agreements were down.
The MDA noted in a statement that “the total value of the promise of sale transactions increased by 10% when compared to the previous year.”
Promise of sales reached 16,636 with a value of around €4.6 billion, the MDA said. “This is a 3% increase on 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 figures confirm the resilience of the property market. It 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,” it said.
The Malta Developers Association urged the government “to continue investing in infrastructure and also have incentives for greener buildings on top of its priorities.”
The MDA concluded by saying that it will “continue putting forward policy proposals on this, together with further incentives to help Maltese buyers continue to afford buying rather than renting properties contrary to most other European markets.”
File photo: Gozo News/Alain Salvary