‘Second best year ever for the property market’

Total promises of sale for 2023 increased by 9% year-on-year, in what is being dubbed by the Malta Developers’ Association as the “second best year ever for the property market”.

In a press statement, the association said the total value of POS transactions increased by 10% when compared to the previous year, with 16,636 transactions to the tune of around €4.6 billion.

“This is a 3% increase on €4.2 billion in 2022 and brings the figures for 2023 very close to 2021, which was the best year ever for the property market,” the statement reads.

The MDA collects its own data on promise-of-sale transactions, as does the National Statistics Office. The latter registered 12,166 POS agreements up until November 2023.

“This data confirms the resilience of the property market,” the statement reads. “It also confirms that property remains the investment of choice of Maltese families and that the sector represents the interests of thousands of investors, big and small.”

The Malta Developers Association said the government should continue investing in infrastructure while prioritising incentives for greener buildings. “The MDA will continue putting forward its policy proposals on this, together with further incentives to help Maltese buyers continue to afford buying rather than renting properties contrary to most other European markets.”