The Malta Developers Association said that the 1,247 promises of sales (konvenji) of property in Malta and Gozo were registered during January 2023, which is the second highest in number for January in the last seven years.

The aggregate value of the property sold in January 2023 is €328,438,582,which is the highest amount for the month in the last seven years, the MDA said.

These figures confirm that the analysis from some quarters based on a decrease year on year in December 2022 was totally misguided, the MDA said.

The MDA said December 2021 was an anomalous month as it marked the end of government Covid-related incentives for the property market and thus led to a rush in filing of Promises of Sale.

In fact, the following month, the Promises of Sale filed were significantly less than usual. The figures for December 2022 compare favourably with December 2020, while now the January 2023 figures are as strong as ever.

This confirms that the property market is still the preferred point of investment for families and businesses, and keeps going from strength to strength despite flawed analysis by some who are clearly detached from market realities, the MDA said.