The value of property deals last month increased by 20 per cent compared to the year before, according to the Malta Developers Association (MDA).

In a statement on Monday, the MDA said that the value of properties under promise of sale had risen to over €415 million in October up from €363 million the same month the year before.

They also noted a 2% increase in the promise of sales.

Their data, the group said, shows the economic growth is "driven by the sector".

The MDA did not provide a method nor a source as to how the figures were collated, only saying that the information is based on data collected by the MDA from various sources and includes both residential and commercial properties.

The group said that demand for property is steadily increasing and that it is necessary to address "bureaucratic issues that add no value" in order to sustain investment.

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