Property sales in November went up 18% when compared to the same month in 2019, the Malta Developers Association (MDA) said.

Despite the economic uncertainty spurred by the consequences of the global pandemic, preliminary data shows that 1,245 promises of sale were officially registered last November, a significant increase over the same month of 2019, it said.

The value of property sales registered last month, reached €274 million, an increase of €41 million on November 2019.

In terms of value the increase was also 18%.

MDA noted that, despite these positive results, November 2020 registered lower turnover in promises of sales and property value when compared to the same month in both 2017 and 2018.

MDA President Sandro Chetcuti said that while in the current circumstances the results of November 2020 are encouraging, it also means that more needs to be done so that the economy can continue to resist the current recession.

Chetcuti said that while the sector and the economy as a whole is still facing tough problems, the positive news that a vaccine is on the verge of being rolled-out instils trust that the page will soon be turning.

The MDA President said that his association is committed that through hard work and the right incentives, 2021 could be a much better year for the industry.