The Malta Developers Association (MDA) said Wednesday that the month of May has proven to be an exceptional period for the property market in Malta.

“With a record-breaking number of property promise of sales, May 2023 has become the best-ever month for real estate transactions in the country's history,” MDA said in a statement.

The surge in total promise of sales from May 2022 to May 2023 was from €360,440,685 to €449,513,813, an increase of €89,013,128 or 25%. The number of promise of sale agreements increased by 16% from 1,388 to 1,617.

The total promise of sales agreements has jumped from €1,626,851,362 for the period January to May 2022 to Euro 1,931,836,439 between January and May 2023, an increase of €304,985,077 (19%) and the number of promise of sales agreement increased from 6,155 between January and May 2022 to 6,976 in the same period this year (13%).

The MDA said it attributes this remarkable achievement to various factors, including favorable market conditions, a strong economy, and continued investments in the development of the real estate sector. "We are delighted to witness such an extraordinary milestone for the property market in Malta," said Michael Stivala, President of the Malta Developers Association.

"The record-breaking sales figures in May are a testament to the strength and resilience of our industry. Despite the challenges posed by the global pandemic, the Maltese property market has demonstrated remarkable growth, solidifying its position as a prime investment destination."

The MDA acknowledges the collective efforts of its members, real estate agents, developers, and other industry stakeholders in achieving this remarkable feat. Their dedication, innovation, and commitment to delivering high-quality properties have played a pivotal role in attracting local and international buyers.

"The Malta Developers Association remains committed to fostering a conducive environment for sustainable growth in the property sector," added Michael Stivala. "We will continue working closely with the government, regulatory bodies, and our members to ensure the continued success and advancement of the real estate industry in Malta." The association urges all stakeholders to uphold the highest standards of professionalism, transparency, and integrity to maintain the trust and confidence of buyers and investors.