The Malta Developers Association (MDA) stated in a press release dated Wednesday, 14 June 2023 that May 2023 has been a truly exceptional month for property sales in Malta. “With a record-breaking number of Promises of Sale, May 2023 has become the best-ever month for real estate transactions in the country's history” said the MDA.
The upswing in the total value of Promises of Sale from May 2022 to May 2023 has risen from €360,440,685 to an unprecedented €449,513,813. This correlates to an increase of €89,013,128 or around 25%. The number of Promises of Sale in terms of volume increased by 16% from 1,388 to 1,617.
If we look at the period for January 2023 to May 2023 the total Euro value amount in Promise of Sale Agreements went up from €1,626,851,362 to €1,931,836,439. This denotes an increase of €304,985,077 (19%). When it comes to the total number of Promises of Sale for the same three months compared to last year, this increased from 6,155 between January and May 2022 to 6,976 for January to May 2023 (13%).
Malta’s real estate sector is known for its resilience and being triumphant in troubled economic times, cementing its position as a top investment sector for international and local investors. The success achieved by the market can be attributed to an unwavering collective effort by the entire industry’s stakeholders with an emphasis on innovation and excellent marketing, attracting a global audience to the country’s real estate market.
Projections for the year ahead are looking very promising and if the past few months performance and momentum persist, a record breaking year could very well be on the horizon.
At Homes of Quality, we are dedicated to uphold the values of professionalism, to deliver exceptional expertise and to represent the interests of our clients, whether they are buyers or sellers in a way that sets an example for others to follow. We are Malta’s most respected property specialists in homes that are exclusive, unique and distinct.
