Real estate sales on the rise

Photo by Maria Ziegler on Unsplash

3,213 residential property sales contracts were finalized in the first quarter of 2021, an increase from 2020 figures but a decrease from the peak of 2019.

In contrast, figures from the National Statistics Office show that the number of promises of sales agreements signed during the first three months of the year – 3,980 – represented a new record for the first quarter.

The 3,213 final deeds of sale signed in the first quarter of the year include 1,007 signed in January, 977 in February and 1,229 in March.

They represent an increase of 8.7% compared to the 2,956 final deeds of sale signed in the first quarter of 2020, and are also higher than the 3,002 signed in the corresponding period of 2018.

However, 3,519 final deeds of sale had been signed in the first three months of 2019.

This year’s finalized property sales include 497 property sales in Gozo, although this is down from the 541 Gozitan homes sold in the first quarter of 2020.

Strong rise in sales promises

But while the number of real estate sales has registered a relatively modest increase, the 3,690 promises of sales contracts in the first quarter of 2021 represent an increase of 56.9% compared to the figures for 2020.

This year’s figures have reversed a downward trend: 3,636 sales promises were made in the first quarter of 2018, but the figure fell to 3,160 and 2,536 in the corresponding period of 2019 and 2020 respectively.

Gozo accounted for 520 promises to sell between January and March, an increase of 79.9% from the 289 signed in the first three months of 2020.


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