2024 was a year that saw an impressive number of records broken across Malta's property sector, the Malta Developers Association said Thursday.

As the year closed and all the data was collected, the MDA announced another new record for the year 2024 and this in the total amount of the value of the property on a promise of sale. This amounts to five billion, one hundred and ten million and one hundred three thousand and seven hundred and thirty-five euros (€5,110,103,735) and this by means of the sixteen thousand and seven hundred and thirty-nine (16,739) promises of sales signed.

In comparison, in the year two thousand and twenty-three (2023) the value of property promised to be sold amounted to four billion, five hundred and ninety-seven million, seven hundred and fifty-three thousand and one hundred and ninety-six euros (€4,597,753,196) whilst the previous record was set back in the year two thousand and twenty-one (2021) and this in the amount of four billion, eight hundred and forty-one million, four hundred and twenty-six thousand and seven hundred and twenty euros (4,841,426,720).

Thus this year represents an increase of over eleven per cent (11%) over the previous year and an increase of five point five per cent (5.5%) over the previous record.

This data continues to clearly demonstrate the economic growth brought about by the property sector. The MDA stated that this sector is one of the fundamental pillars and therefore "we need to be preserve it".

The demand for property is constantly increasing and therefore, even in order to maintain this investment, it is necessary to address the issues of bureaucracy which does not bring any added value and make the necessary investments to improve quality including infrastructure and more efficient buildings.

Reacting to these figures, the President of the Association Michael Stivala added that "this investment benefits every Maltese and Gozitan family."