Residential property sales register threefold increase in May

Property sales in May declined over the previous month but still registered an impressive threefold increase when compared to last year, figures out today show.

The National Statistics Office said that in May, the number of final deeds of sale relating to residential property amounted to 1,158, an increase of 606 when compared to those registered a year earlier.

The value of these deeds totalled €319.5 million, more than three times higher than the corresponding value recorded in May 2020.

There were 27 fewer final deeds in May 2021 when compared to the previous month.

The NSO said that 93% of the final deeds of sale in May involved individual buyers (households), with companies accounting for all the rest.

The value of the deeds involving individual buyers amounted to €208.2 million, equivalent to 65.2 per cent of the total value.

The highest numbers of final deeds of sale were recorded in Gozo, and the Ħaż-Żabbar, Xgħajra, Żejtun, Birżebbuġa, Marsaskala and Marsaxlokk regions, at 170 and 158 respectively.

The lowest number of deeds were noted in the Cottonera region, and the region of Mdina, Ħad-Dingli, Rabat, Mtarfa and Mġarr. In these regions, 12 and 36 deeds were recorded respectively.

During May 2021, 1,478 promise of sale agreements relating to residential property were registered, an increase of 967 agreements over the same period last year.