Throughout the course of the economic uncertainty stirred by the COVID-19 pandemic, the property industry proved its resilience as a solid pillar of the local economy. When other industries were hit the hardest, investment in property continued and the sector managed to navigate through the pandemic, mostly unscathed.
The impressive performance of the property industry can be attributed to a number of reasons. One would be the fact that investment in property is deemed as one of the safest locally, with enticing rental returns and consistent increases in the value of dwellings. One must also mention the schemes launched in Malta which guarantee better tax rates when buying and selling property. These initiatives allowed for further interest in the property sector, during a time where people were more inclined to save in view of the uncertain scenario.
When considering the sales which took place last November, these registered to more than a third when compared to the same month of 2020. These figures also surpass those of 2019, hence registering an increase in growth when considering pre-pandemic activity.
Recent news highlights that in November 2021, a thousand three hundred and twenty-four deeds of sale for residential property took place. This equates to three hundred and sixty-three more than November 2020. The existing data indicates that the value of these contracts is almost worth two hundred and ninety-five million Euro, being significantly higher than that recorded in November 2020. Back in November 2019, the value of such deeds amounted to almost two hundred and forty-six million Euro. In most cases, these contracts involved individual buyers, with businesses being a few.
One of the interesting aspects of the data at hand is that most sales revolved around properties located in Gozo. Other noteworthy locations are Żabbar, Xgħajra, Żejtun, Birżebbuġa, Marsaskala and Marsaxlokk. This illustrates that property sales are taking place across several areas and locations within Malta.
Interested in making a move for property? Irrespective of whether you are looking to buy or sell, acquire for residential or rental purposes, we strive to provide you with expert advice through our years of experience and ingrained access to the market.