Malta’s residential real estate market got off to a decent start in 2024, with property worth €295.8 million changing hands in January.
This represents a 2.8 per cent decrease in value when compared to the value of property sold in January 2023, with the number of transactions falling by 0.1 per cent – indicating that the average value of real estate transacted decreased year-on-year.
On the other hand, a trend consistently observed last year (only partly bucked in December) seems to have spilled over into 2024, with January showing very strong activity in promise of sale agreements.
The first month of the year saw 1,157 promise of sale agreements being registered, an increase of 25.8 per cent over the same period in 2023.
The real estate market by district and by locality
In January 2024, the highest numbers of final deeds of sale were recorded in the Northern Harbour District and the Northern District, registering a total of 325 and 202 deeds, respectively. On the other hand, the lowest numbers were recorded in the Western District and the Southern Harbour District at 110 and 153 deeds, respectively.
The highest numbers of final deeds of sale were recorded in the following localities: St Paul’s Bay (79), Mosta (46) and Birkirkara (43). The sum of agreements recorded in these localities corresponded to 15.1 per cent of the total final deeds of sale registered during January 2024.
Of the 1,196 residential properties that changed hands over the month, apartments (435) and garages (238) accounted for the largest shares, at 36.4 per cent and 19.9 per cent, respectively.
When looking at promise of sale agreements, the largest number was registered in the Northern Harbour District with 313 agreements, followed by the Northern District with 228 agreements. On the other hand, the lowest figures of promise of sale agreements were noted in the Western District and the South Eastern District, at 103 and 145 agreements, respectively.
The highest numbers of promise of sale agreements were recorded in the following localities: St Paul’s Bay (110), Birkirkara (67) and Mosta (56). The sum of agreements recorded in these localities corresponded to 20.1 per cent of the total promise of sale agreements registered during January 2024.
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