Turnover in the real estate industry has dropped by 31.7% when compared with the same quarter in 2018, the latest figures from the National Statistics Office (NSO) has revealed.
Figures also show how other sectors have seen a significant drop, with the turnover of administrative and support services, which includes customer care operators, also decreasing by 17.8%.
Professional, scientific and technical activities; and accommodation and food service activities also dropped by 3.5% and 2.5% respectively.
Reports of a slowdown have been bubbling under the surface, with the gaming industry experiencing a severe dent in revenue after Sweden imposed stringent regulations.
In total, turnover, which is defined by the NSO as total sales and other incomes, in the country has decreased by 2.1%.
In terms of a quarterly comparison, real estate sales figures have actually increased by 23% when compared with the previous quarter.
However, in the same period, turnover in sectors such as the administrative and support services have dropped by a further 6.5%, while sales in professional, scientific and technical activities dipped by 4.5.%.
The price of Maltese real estate, in particular, has been under the microscope with serious fluctuations in price, potentially indicating a growing instability within the sector. Meanwhile, some industry experts suggest that this is merely a much-needed market correction