Malta’s development lobby has claimed the property market saw a 30 per cent year-on-year growth in revenue in January.

The Malta Development Association said revenue topped €426 million last month, compared to €328 million in January 2023, and hailed an “unprecedented surge in performance.”

The MDA releases monthly updates about property market performance but does not provide any information about its data sources or methodology. The lobby group declined to provide information about how it compiles its statistics when asked to do so for a Times of Malta fact-check.

In a statement on Saturday, the MDA however noted, for the first time, that its statistics - which it said come from "various sources" - include figures for both residential and commercial property transactions. 

National Statistics Office data only considers transactions of residential property.

The MDA said that it saw a 7 per cent growth in promises of sale last month, totalling 1460.

“This uptick not only signifies a heightened level of market confidence but also underscores the effectiveness of the country's strategies,” it said.

“The correlation between the surge in promise of sales and the exponential revenue growth is a testament to the robustness of our industry and the continuous confidence of the Maltese and Gozitans in the property industry.”

MDA president Michael Stivala urged the government to increase its investments in sustainable development and national infrastructure and said that would improve the country’s economic growth prospects while also bettering quality of life for citizens.