“Historic February performance in the property market” – MDA

by Gozo News · March 5, 2024

"Historic February performance in the property market" - MDA The Malta Development Association (MDA) has reported what it claims to be “an unprecedented surge in the property market for February, marking it as the most successful February in the Malta’s recorded history.”

According to the MDA “this information is based on data collected from various sources and includes both residential and commercial property.”

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

However, activity in the housing market for Gozo slowed down slightly at the start of the year, with January seeing a decrease in final deeds of sale, which were down on December and the previous year.

There was still a flurry of activity in promise of sale agreements, which were still eligible for the 2% rate tax incentive for property buyers in Gozo on the stamp duty rate if signed before the 31st of January, after which it was due to rise to 5% in line with the rest of the country.

In a statement on Tuesday, the Association insisted that “the Promise of Sale agreements have experienced a commendable increase, rising from 1,318 in February 2023 to 1,420 in February 2024, reflecting an 8% growth. This upward trajectory is further underscored by a substantial 9% increase in revenue, soaring from €380,599,136 in the previous year to €416,571,905.”

The MDA stated that “his remarkable achievement builds on the positive momentum observed in January 2024, which was previously celebrated as the best January on record for Malta’s property sector.”

“As we advance, the MDA reaffirms its dedication to working closely with all stakeholders to ensure the long-term health of Malta’s property market,” it said.

The Malta Development Association went on to say that it “recognises the pivotal role of efficient governance in sustaining our industry’s growth. We urge the Government to streamline processes and reduce bureaucratic hurdles, ensuring that the remarkable growth we’ve seen is not hampered by red tape.”

It concluded by saying that “efforts to simplify administrative procedures will serve as a catalyst for continued investment and development within the property sector, helping to maintain and surpass the record-setting performance we celebrate today.”