The National Statistics Office has confirmed this January was again a very good one for the property market. In fact, it was the fourteenth consecutive month during which the number of property purchase contracts was higher on an annual basis.
Last January, 1,114 residential property purchase contracts were finalised. This was an absolute record for the month of January since these figures started being published. The total value of the properties purchased last January amounted to €233 million, marking an 11% increase compared to January 2021.
More than one in six contracts signed last January were for properties on the island of Gozo. The number of properties purchased in Gozo was double the amount purchased in Sliema, St Julian’s, Swieqi, Ħal Għargħur and Pembroke.
More than one in six contracts signed last January were for properties on the island of Gozo.
Although there was no longer a reduced stamp duty rate on property purchases in January, the amount of new promise-of-sale agreements made on properties in Gozo remained very strong. So much so that 109 new promise-of-sale agreements were signed, meaning more than one in six agreements that were signed last January were for Gozitan residential properties. Demand also remained strong for properties in Gżira, Msida, Ta’ Xbiex, Birkirkara and San Ġwann, with around 90 new promise-of-sale agreements being signed.
A total of 664 promise-of-sales agreements were agreed to in January, so in the last three months the amount of these agreements reached 4,190, which is an extraordinary figure by historical standards. This means that a sharp increase in property purchase contracts is to be expected in the coming months, as these promise-of-sale agreements materialise into actual sales. This is expected to lead to yet another jump in Government revenue, as well as lead to a sharp increase in activity in various sectors, including shops selling appliances, furniture and individuals and firms engaged in the finishing of residential dwellings.