Property promise of sales sees 7% growth in January – MDA

by Gozo News · February 3, 2024

Property promise of sales sees 7% growth in January - MDA According to the Malta Development Association, Malta experienced an “unprecedented surge in performance, making it the most remarkable January in our history.”

In a statement on Saturday, the MDA said that “the promise of sale data for this period showcased an impressive increase, with promises of sales escalating from 1247 to 1460, marking a substantial 7% growth.”

It added that “this uptick not only signifies a heightened level of market confidence but also underscores the effectiveness of the country’s strategies.”

The Association went on to say that “simultaneously, revenue witnessed a phenomenal rise, catapulting from €328,438,582 in January 2023 to €426,241,244 in January 2024. This substantial increase of €97,802,662 translates to an extraordinary 30% growth.”

It insisted that “this correlation between the surge in promise of sales and the exponential revenue growth, is a testament to the robustness of our industry and the continuous confidence of the Maltese and Gozitans in the property industry.”

“Several factors contributed to this exceptional performance, including a keen understanding of market trends and the implementation of effective strategies. Looking ahead, the focus must remain on sustaining and building upon this success,” the Association said.

It stressed that they “are confident that the industry’s future strategies and goals will pave the way for continued growth and solidify our industry as the leading industry in the Maltese economy.”

The president of the Malta Development Association Michael Stivala urged the government to “increase investments in sustainable development and national infrastructure.”

He concluded by “emphasising the long-term benefits, this initiative aims to foster environmental resilience, economic growth, and improved quality of life for citizens. Together, we can build a more sustainable and resilient future for our nation.”

As yet there have been no official figures released from the National Statistics Office for January’s promise of sale agreements or final deeds of sale.

MDA’s source of data – The MDA in a footnote said that “this information is based on data collected by the MDA from various sources and includes both residential and commercial property.”