Positive prospects for the property market

1,077 sales contracts signed in May, for a total value of €304 million.

Malta’s residential property market remained strong in May, with 1,077 sales contracts signed for a total value of €304 million. This represents a significant €42 million increase compared to May 2023.

So far, 5,380 sales contracts have been signed during 2024. This implies a reduction of 267 contracts from last year. Looking at the value of the property purchased, this exceeded €1,446 million, or 8% more than last year. Thus, the average value of property purchased increased to around €269,000, compared to €262,000 a year earlier, which means an increase of around 3%.

The prospects for the property market are quite positive, with 5,913 promise of sale agreements having been made so far so far this year, 8% more than a year earlier.  Demand for property is stronger in St Paul’s Bay, Msida, Marsascala, Fgura, and Mosta.

On the other hand, it appears that promise of sale agreements in Gozo have decreased sharply, so much so that they were 30% less than the same month a year ago. However, sales are still strong, with sales contracts signed for property in Gozo being 5% more than the same month a year earlier.

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments