Fewer residential property sales in July but higher value recorded

Residential property sales were valued at more than €300 million in July despite a drop in the number of final deeds compared to July last year.

Figures released by the National Statistics Office on Tuesday show that the number of final deeds of sale in July relating to residential property amounted to 1,246, a 10.1% decrease.

The value of these deeds totalled €307.8 million, 2.4% higher than the corresponding value recorded in July last year.

The NSO said that 1,122, or 90% of these final deeds of sale, involved individual buyers, with companies accounting for all the rest. The value of the deeds involving individual buyers amounted to €260.5 million, equivalent to 84.6% of the total value.

The highest numbers of final deeds of sale were recorded in Gozo, and the Birkirkara, Gżira, Msida, Ta’ Xbiex and San Ġwann conurbation, at 174 and 160 respectively. The lowest numbers of deeds were noted in the Cottonera region, comprising Birgu, Isla, Bormla and Kalkara, and the rural region comprising Mdina, Dingli, Rabat, Mtarfa and Mġarr. In these regions, 18 and 39 deeds were recorded respectively.

Promise of sale agreements

In July, 956 promise of sale agreements relating to residential property were registered, equivalent to a 13.2% decrease over the previous year. Individual potential buyers accounted for 881, or 92.2%, of these agreements, while the rest mainly involved companies.

The largest numbers of promise of sale agreements corresponded to residential properties situated in the Birkirkara, Gżira, Msida, Ta’ Xbiex and San Ġwann region, and Gozo, totalling 135 and 129 respectively. The lowest numbers were noted in respect of properties located in the Cottonera region, and the central region of Attard, Balzan, Iklin and Lija.