A very positive year for residential property sales

St Paul's Bay dominated the property market in 2023, with 1,045 sales. Birkirkara and Marsascala followed closely behind, recording 521 and 457 sales, respectively.

Data published by the National Statistics Office (NSO) suggest that 2023 was a very good year for residential property sales. In total, 13,216 promise-of-sale agreements were signed last year. In the previous fifteen years, on average 10,315 promise-of-sale agreements were entered into each year. Thus, activity was almost 30% better than the average.

The number of promise-of-sale agreements held in 2023 was the fifth largest in history, averaging 36 promise-of-sale agreements per day. In contrast in 2012 the lowest number of promise-of-sale agreements were made, with around 6,581 promise-of-sale agreements, or 18 promise-of-sale agreements per day – half of last year’s average.

Meanwhile, during 2023 residential property sales totalled €3.2 billion. This was almost the same amount as in 2022, which was a record year when it comes to property sales. The average value of residential property rose to almost €265,000, or 15% more than a year earlier. In 2022, the increase in the average value of residential property was less than 5%.

The most property sales in 2023 were in St Paul’s Bay, with 1,045 properties sold. This locality was followed by Birkirkara, with 521 properties and 457 sales in Marsascala. The lowest amount of property sold was in Mdina, where there were sales of just 3 properties. In Gozo last year, 1,745 properties were sold.

When in 2008 Malta experienced a period of high inflation, property sales had fallen by 20%. In contrast, in the last few years, despite the rise  in the cost of living, residential property sales did not abate at all, reaching levels of activity much better than the historical average.

Promise of sale agreements

Photo: Efrem Efre

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