Residential Property Sales In Malta Dip By 20% In July
July witnessed a significant shift in residential property trends, with a drop in final sales figures by nearly 20% from the previous year. At the same time, there’s been an upswing in the promise of sale agreements, according to the latest data from the National Statistics Office (NSO).
The NSO’s release on Wednesday provided a look into the residential property market for July. while the final residential property sales in July were recorded at 1,024, marking a 19.2% decrease from July 2022, promise of sale agreements saw an increase, reaching 1,085 — a 13.6% rise from the same period last year.
These figures are derived from the provisional data of residential property sales registered with the tax authority. Furthermore, these stats mirror the NSO’s previous month’s report, which also noted a year-on-year decline in residential property transactions.
The value of July’s final deeds were €278.3 million, which is a 12.7% fall from July 2022. A closer look at the data reveals that 937 transactions, or 91.5% of the total, involved individual buyers. These transactions contributed €206.9 million, which accounts for 74.3% of the total value. On the other hand, companies made up almost the entire remainder of these transactions.
The Northern Harbour District recorded the highest number of final deeds of sale at 293. The Northern District followed with 205 deeds.
The Western District, along with the Gozo and Comino District, observed the lowest transaction numbers with 113 and 115 deeds, respectively.
What are your predications for the local property market?