Real estate sales on the rise despite rising prices

Ritratt: Miguela Xuereb

In October 2021, the number of final deeds of sale relating to residential real estate stood at 1,134, an increase of 7.6% compared to those recorded a year earlier. The value of these acts amounts to 239.0 million euros, which is 19.1% more than the corresponding value recorded in October 2020.

These data were taken from the National Statistics Office (NSO).

This comes despite a bull market, with the latest House Price Index (PPI) standing at 130.92, up 4.7% from the corresponding quarter of 2020 (Q1).

Property sales were hit hard in the initial stages of the pandemic, with final bills of sale dropping from 3,337 in the fourth quarter of 2019 to 1,741 in the second quarter of 2020. However, transactions began to rebound once that the government announced the temporary COVID-19 measure providing for a reduced rate of taxes and duties of 5% and 1.5% respectively on the first € 400,000 of property.

Graphic: ONS

Highest transactions in Gozo, less in 3 cities

Regarding the region in which the property is located, the highest number of final deeds of sale were recorded in the Gozo region and the region of Żabbar, Xgħajra, Żejtun, Birżebbuġa, Marsaskala and Marsaxlokk, respectively 162 and 140.

The lowest numbers of acts were recorded in the region of Birgu, Isla, Bormla and Kalkara, and the region of Attard, Balzan, Iklin and Lija. In these regions, 21 and 35 acts were registered respectively.

Gozo’s uniqueness is key to development, chambers of commerce say

Promise of sale contracts

In October 2021, 1,091 residential property sales promises were registered, a decrease of 16.1% compared to the same period last year.

The highest numbers of promises to sell were for residential properties located in the Gozo region, and the Żabbar, Xgħajra, Żejtun, Birżebbuġa, Marsaskala and Marsaxlokk region, totaling 186 and 131 respectively.

The lowest figures were recorded for properties located in the region of Birgu, Isla, Bormla and Kalkara, and the region of Imdina, Dingli, Rabat, Imtarfa and Imġarr. The first region mentioned had 21 agreements and the second region had 35 agreements.

Property sales hit record high in April – MDA

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