The Malta Independent 19 June 2021, Saturday

In May, property sales double to 1,158; promise of sale deeds almost triple to 1,478 - NSO

Thursday, 10 June 2021, 12:07 Last update: about 8 days ago

The number of final deeds of sale of property doubled to 1,158 from 552 agreements on May 2021 from last year, while the number of promise of sale agreements almost tripled to 1,478 from 511, a report from the National Statistics Office (NSO) shows.

The month of May saw a drastic increase of sales year on year, with the sector boasting over 2,500 agreements which are either final deeds of sale or promise of sale agreements.

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Meanwhile, Gozo residential properties proved to be popular, as they recorded the highest number of final deeds of sale as well as promise of sale agreements in May 2021.

Final deeds of sale

In May 2021, the number of final deeds of sale relating to residential property amounted to 1,158, an increase of 606 deeds when compared to those registered a year earlier. The value of these deeds totalled €319.5 million, more than three times higher than the corresponding value recorded in May 2020, the NSO remarked.

In the month under review, 1,075, or 92.8%, of these Final Deeds of Sale 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% 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.

Promise of sale

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%, 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.

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