According to the Malta Development Association (MD) a ”record-breaking April demonstrates the continuous growth in Malta’s Property Market, with the island’s property market achieving yet another all time high.”

The MDA advised that, “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 April’s promise of sale agreements or final deeds of sale.

However, Gozo’s housing market activity continued to show a slow down during February with a fall in both final deeds of sale and promise of sale agreements, in fact it was just a continuation of 2023

For April, the MDA is reporting what it describes as ”a remarkable 14% surge in the value of the Properties promised to be sold, with figures climbing from €363,153,896 in April 2023 to €415,295,353 in April 2024.”

It noted that the previous highest value recorded in April amounted to €399,763,717 back in 2021 during the incentivised period during the Covid Pandemic.

The MDA also reported a ”significant 6% increase in the number of Promises of Sale from the previous year, rising from 1,302 in April 2023 to 1,385 in April 2024.”

Reacting to the numbers, Chief Executive Officer of the MDA, Dr. Leon Chetcuti stated that ”the year 2024 is very evidently setting new benchmarks in terms of property sales reflecting the property development industry’s health, resilience and investor confidence.”

The Malta Development Association went on to say that ”the property development industry plays a pivotal role in our country having one of the highest, if not the highest multiplier effects in our economy and is responsible for creating over 40,000 jobs. It is worth adding that around 82% of Maltese citizens are home owners and safeguarding the industry is paramount.”

Therefore, it added, ”whilst stakeholders are to be encouraged by this positive data, the MDA maintains that in order to sustain the industry’s growth, more needs to be done by way of efficient governance.”

Chetcuti remarked that ”the MDA are not satisfied with the lack of reforms addressing the excessive bureaucracy and measures which seek to address various aspects of the industry including among others, aspects of health and safety and quality standards. The MDA is actively engaging with the concerned authorities to discuss these improvements.”

File photo: Gozo News/Alain Salvary

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