The Malta Independent 17 July 2024, Wednesday
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Value of residential property deals in May reaches more than €300m – NSO

Thursday, 13 June 2024, 14:55 Last update: about 2 months ago

The NSO said Thursday that in May 2024 the number of final deeds of sale relating to residential property amounted to 1,077, that is a decrease of six deeds when compared to those registered in May 2023. It said that the value of these deeds totalled €303.6 million, representing an increase of 15.9% when compared to the corresponding value recorded in May 2023.

With regards to the final deeds of sale, the NSO found that in May 2024 the number of final deeds of sale relating to residential property amounted to 1,077, a decrease of 0.6% when compared to those registered in May 2023. It said that in the month under review, 988 (or 91.7%) of these final deeds of sale involved individual buyers (households), with companies accounting for virtually all remaining deeds. It added that the value of the deeds involving individual buyers (households) amounted to €235.6 million, equivalent to 77.6%of the total value

The NSO said that 1,256 promise of sale agreements relating to residential property were registered in May 2024, a decrease of 42 agreements over the same period last year. It added that the final deeds of sale decreased by 0.6%, whereas promise of sale agreements decreased by 3.2%, when compared to May 2023.

The NSO found that in May 2024, the highest numbers of final deeds of sale were recorded in the Northern Harbour and the Northern districts, with totals of 305 and 216 deeds, respectively. On the other hand, it said that the lowest numbers were registered in the Western and the South Eastern districts at 102 and 132 deeds, respectively

The NSO elaborated in saying that the highest numbers of final deeds of sale were recorded in the following localities: St Paul’s Bay (86), Mosta (43) and Mellieħa (40). The sum of agreements recorded in these localities corresponded to 15.7% of the total final deeds of sale registered during May 2024. Furthermore, it said that in the same month, the number of properties transacted in the final deeds of sale was equivalent to 1,188. Apartments (415) and Garages (271) accounted for the largest shares, at 34.9% and 22.8%, respectively.

In May 2024, 1,256 promise of sale agreements relating to residential property were registered, equivalent to a decrease of 3.2% over the same period in 2023. It added that individual potential buyers (households) accounted for 1,135 (or 90.4%) of these agreements, while the rest mainly involved companies.

The NSO said that the largest number of promise of sale agreements, related to residential properties, were registered in the Northern Harbour district, with 364 agreements, followed by the Northern district, with 270 agreements. On the other hand, the lowest figures of promise of sale agreements were noted in the Western, and the Gozo and Comino districts, at 109 and 112 agreements, respectively.

The NSO also found that the highest numbers of promise of sale agreements were recorded in the following localities: St Paul’s Bay (110), Birkirkara (79) and Mosta (71) and said that the sum of agreements recorded in these localities corresponded to 20.7% of the total promise of sale agreements registered during May 2024.

The NSO pointed out that this is provisional data on residential property sale transactions based on the date of registration with the tax authority.

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