Malta Development Association announces “record breaking year”

by Gozo News · January 9, 2025

The Malta Development Association has announced a “record breaking year in the total amount of the value of the property on a promise of sale.”

The Association said that “information is based on data collected by the MDA from different sources and includes both residential and commercial properties.”

However, according to the last data from the National Statistics Office, which was issued in December on residential properties in Gozo, both promise of sale agreements and final deeds of sale were down, in fact they were the second lowest of all the districts and had been for several months.

The MDA noted that “2024 was a year that saw an impressive number of records broken across Malta’s property sector. We have seen this fact consistently throughout the months of the year.”

The MDA said “this amounts to five billion, one hundred and ten million and one hundred three thousand and seven hundred and thirty-five euros (€5,110,103,735) and this by means of the sixteen thousand and seven hundred and thirty-nine (16,739) promises of sales signed.”

According to the MDA “in comparison, in the 2023 the value of property promised to be sold amounted to €4,597,753,19, whilst the previous record was set back in 2021 and this in the amount of 4,841,426,720. Thus this year represents an increase of over 11% over the previous year and an increase of five 5.5% over the previous record.”

The MDA stressed that “once again, this data continues to clearly demonstrate the economic growth brought about by the property sector.”

The MDA stated that “this sector is one of the fundamental pillars and therefore we need to be preserve it. The demand for property is constantly increasing and therefore, even in order to maintain this investment, it is necessary to address the issues of bureaucracy which does not bring any added value and make the necessary investments to improve quality including infrastructure and more efficient buildings.”

Reacting to these figures, the President of the Association Michael Stivala added that, “this investment benefits every Maltese and Gozitan family.”