Property deeds of sale increased by almost 8% in February

Final deeds of sale for residential property amounted to 1,012 in February, a 7.8% increase when compared to February 2023, provisional data released by the NSO shows.

The value of these deeds totalled €262.7 million, representing an increase of 5.4% when compared to the same month last year.

The National Statistics Office said that 940 of (or 92.9%) of these final deeds of sale involved individual buyers (households) with companies accounting for virtually all remaining deeds.

The value of the deeds involving individual buyers amounted to €205.9 million, equivalent to 78.4% of the total value.

The NSO data shows that the highest numbers of final deeds of sale were recorded in the Northern Harbour and the Northern districts, with totals of 285 and 186 deeds, respectively. On the other hand, the lowest numbers were registered in the Western, and the Gozo districts with 97 and 137 deeds, respectively.

The highest numbers of final deeds of sale were recorded in St Paul’s Bay (85), Mellieħa (44) and Birkirkara (42). The sum of agreements recorded in these localities corresponded to 16.9% of the total final deeds of sale registered during February 2024.

The number of properties transacted in the final deeds of sale was equivalent to 1,151.

Apartments (405) and garages (266) accounted for the largest shares, at 35.2% and 23.1%, respectively.

Promise of sale agreements

The NSO also released provisional data related to the number of promise of sale agreements reached in February, which showed that 1,164 such agreements relating to residential property were registered. This is equivalent to an increase of 12.7% over the same period in 2023.

Individual potential buyers accounted for 1,065 (or 91.5%) of these agreements, while the rest mainly involved companies.

The largest number of promise of sale agreements related to residential properties were registered in the Northern Harbour district with 330 agreements, followed by the Northern district with 237 agreements. On the other hand, the lowest figures of promise of sale agreements were noted in the Gozo, and the Western districts, at 107 and 109 agreements, respectively.

The highest numbers of promise of sale agreements were recorded in St Paul’s Bay (93), Birkirkara (59) and Fgura (55). The sum of agreements recorded in these localities corresponded to 17.8% of the total promise of sale agreements registered during February.