In the 21 working days of December 2021 almost 2,300 promise-of-sale agreements were signed. This is a record of almost 110 promise-of-sale agreements each working day.
The previous record for the number of promise of sale agreements had been October 2018 when just below 1,600 had been finalised. This previous record is almost 50% less than the new record established last month.
On average in the years before the pandemic, every month there were an average of around 1,100 promise-of-sale agreements. This means that activity in the property sector last December was more than double what it was before the pandemic.
Activity in the property sector last December was more than double what it was before the pandemic.
Almost 15,700 promise-of-sale agreements were concluded during 2021. This is the highest amount ever observed, well exceeding the previous record year 2018, when just below 15,000 had been agreed.
Almost half of all the promise-of-sale agreements that were negotiated in 2021 were in four regions – Gozo, St Paul’s Bay and Mellieħa, Msida and Gżira, and Marsascala.
While many had forecast that the pandemic would have hit hard the property sector, Government measures instead turned 2021 in the best time ever for prospective homeowners. In fact, almost 14,350 property sales contracts were signed, another record even when compared with the pre-pandemic sales record.
Almost 14,350 property sales contracts were signed, another record.
In total, in 2021 the value of purchased residential properties amounted to more than €3.1 billion, or almost half a billion euro more than 2019, that is before the pandemic, and one billion euro more than had been purchased in 2020.
Given that in the last three months of 2021 there was an acceleration in the number of promise-of-sale agreements that were signed, this means that in the coming months there will be a sharp increase in the amount of property sales contracts.
As well as generating considerable revenue for the Government, this development will continue to generate increased business for home furnishing and white goods retail shops as well as buoyant activity for electricians, plumbers and other craftsmen involved in the property finishing sector.