The Malta Development Association (MDA) reported an unprecedented surge in the property market for February 2024, marking it as the most successful February in the Malta’s recorded history.

Promise of Sale agreements registered a commendable increase, rising from 1,318 in February 2023 to 1,420 in February 2024, reflecting an 8% growth. This upward trajectory is further underscored by a substantial 9% increase in revenue, soaring from €380,599,136 in the previous year to €416,571,905.

This “remarkable achievement” builds on the positive momentum observed in January 2024, which was previously celebrated as the best January on record for Malta's property sector, the MDA said

The MDA reaffirmed its dedication to working closely with all stakeholders to ensure the long-term health of Malta’s property market.

The Malta Development Association said it recognized the pivotal role of efficient governance in sustaining our industry's growth. We urge the government to streamline processes and reduce bureaucratic hurdles, ensuring that the remarkable growth we've seen is not hampered by red tape. Efforts to simplify administrative procedures will serve as a catalyst for continued investment and development within the property sector, helping to maintain and surpass the record-setting performance we celebrate today, the MDA said.