January property sales up by 27% over previous year

The Malta Developers Association has announced the local property market registered a record 1,157 promises of sale last month, up by 27% from January 2020.

Promises of sale reached a total value of €274 million, making it one of the best results registered for the month of January.

Despite the unprecedented circumstances caused by the COVID-19 pandemic, the MDA said that it in 2020 it reported a property turnover of €3 billion, the same as 2019.

Noting the latest results, the MDA said that local property has retained its investment value, showing that people are opting to invest in better quality.

Director General Marthese Portelli said that 2021 looks to be a promising year. She also called on government to continue supporting the industry.

“The MDA calls on government to extend again its proposals of lower transfer and stamp duties an incentive which attracted and benefit both the buyer and the seller,” Portelli said.

She also cited the importance of sustainable planning for a better and cleaner infrastructural environment.

“Whilst remaining focused on this success, the MDA is also working on tangible concrete proposals addressing the long needed forward planning and better green infrastructure to ensure better quality, sustainability and better liveability,” she said.