Malta’s residential property market continues its hot streak as final sales registered in May reach total value of €319.50 million, making it the best month for the sector since the start of 2018.
Last month, property sales finally reached pre-pandemic levels, while results for Q1 showed that the property sector was well on its way to a full recovery.
May 2021 saw an increase of 606 final deeds of sale when compared to a year earlier, with 1,158 deeds being finalised when compared to 552 in May 2020, when Malta was under a quasi-lockdown that left deep impacts on the economy.
The value of these deeds (€319.5 million) is in fact more than three times higher than the corresponding value recorded in May 2020.
The vast majority of these final deeds of sales (1,075, or 92.8 per cent) involved individual buyers (households), with companies accounting for virtually all the rest.
The value of the deeds involving individual buyers (households) amounted to €208.2 million, equivalent to 65.2 per cent of the total value.
With regard to the region the property is situated in, the highest numbers of final deeds of sale were recorded in the Gozo, and the Ħaż-Żabbar, Xgħajra, Żejtun, Birżebbuġa, Marsaskala and Marsaxlokk regions, at 170 and 158 respectively.
The lowest numbers of deeds were noted in the Cottonera region, and the region of Mdina, Ħad-Dingli, Rabat, Mtarfa and Mġarr. In these regions, 12 and 36 deeds were recorded respectively.
In May 2021, 1,478 promise of sale agreements relating to residential property were registered, an increase of 967 agreements over the same period last year.
Individual potential buyers (households) accounted for 1,351, or 91.4 per cent, of these agreements, while the rest mainly involved companies.
The largest numbers of promise of sale agreements corresponded to residential properties situated in the Gozo, and the Ħaż-Żabbar, Xgħajra, Żejtun, Birżebbuġa, Marsaskala and Marsaxlokk regions, totalling 225 and 182 respectively.
The lowest numbers were noted in respect of properties located in the Cottonera region, and the region of Mdina, Ħad-Dingli, Rabat, Mtarfa and Mġarr. The first-mentioned region accounted for 21 agreements and the second region accounted for 42 agreements.
Malta's labour supply and employment rate both grew by around 75% between 2005 and 2021
MEA president Joanne Bondin focused her speech on the need for good governance and upskilling
The workshop will focus on distinction between market and prudent value