A 44% jump

Record number of promise of sale agreements signed for Gozo properties in January 2024.

During January, 413 promise of sale agreements were signed for Gozo properties. This was the highest number ever observed for the month of January since records have been kept.  

That said, the highest ever number of promise of sale agreements that was ever signed in any month of the year was 778, in December 2021. That month had marked the end of the significant reduction in the stamp duty on all properties that had been a major policy in the economic regeneration plan launched to counter the effects of Covid-19.

Compared to last year, there was an increase of 126 agreements, marking a spike of 44%. The previous record for promise of sale agreements signed in the month of January – historically one of the slowest months for the real estate market – was in 2021, due to the above-mentioned scheme related to post-pandemic recovery.

January 2024 marked the last month during which the stamp duty on properties purchased in Gozo was set at a preferential rate compared to that in Malta. This scheme had been introduced in the Budget for 2017, and had led to the revival of the Gozo property sector. However, as part of the ‘Gozo, island of villages’ strategy, the Government is now shifting incentives towards the purchase and restoration of vacant or Urban Conservation Area properties in Gozo, moving away from blanket incentives. In fact, grants for first-time buyers for these type of properties in Gozo were raised to €40,000 in the last Budget. Newly built houses using traditional Maltese features will also benefit from such grants.

Promise of sale agreements for Gozo properties

January 2024 saw the overall number of promise of sale agreements signed in both Malta and Gozo reach 1,157, up by 237 over the previous year. The spike in Gozo accounted for half of this increase.

The number of final deeds of sale involving households stood at 1,031, up by 21 over January 2023. The value of these properties was €244 million, or €18 million higher than the previous year. On a per capita basis, the transacted property value averaged nearly €237,000, or 6% higher than in January 2023.

The most popular localities remained those in the Northern Harbour region, followed by the Northern one. Less than 35% of the deeds were in respect of apartments. Another 20% of all deeds were for garages. 

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