Demand for apartments in Gozo fell sharply in 2023

The strong incentives to those buying vacant property or in UCAs in Gozo seem to be influencing the type of demand for property on the island.

Figures released by the National Statistics Office (NSO) show that 553 apartments were purchased in Gozo last year; a decrease of 194 apartments compared to 2022.

This means that for every 4 apartments sold in 2022 in Gozo, only 3 were sold in 2023. This was the lowest number of apartments sold in Gozo since 2018 and it occurred even though in 2023 there was still the reduced stamp duty measure on property purchased in Gozo.

Since the scheme ended in late January till the end of April, 349 promise-of-sale agreements were made in Gozo. This was 8% lower than the number signed in the same months the previous year. The amount remained higher than that before the reduced stamp duty scheme was introduced in 2017.

The strong incentives given by the Government to those buying vacant property or in Urban Conservation Areas in Gozo seem to be influencing the type of demand for property in Gozo. In fact, of all the properties sold in Gozo last year around one in seven was a house.  In 2019 only one in ten properties purchased was a house.

This indicates that the changes in the incentives that the Government is giving are starting to have an effect in a way that will help the delivery of the strategy ‘Gozo an island of villages’.   

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