Promises of sales for property in Malta increased by 9% in 2023, according to records kept by the Malta Development Association.

In a statement, the MDA said that the number of promises of sale had grown to 16,636 by the end of last year. The total value of these agreements reached €4.6 billion, they added. 

This represented an increase of 3%, up from €4.2 billion in 2022 and brings the figure closer to the €4.8 billion registered in 2021. 

According to data kept by the National Statistics Office, 12,164 promise-of-sale agreements were registered in 2022. Although records for the entirety of last year have not been finalised, it registered 12,166 promise-of-sale agreements up until November 2023. 

The MDA compiles its own statistics separately and does not provide information about its methodology. 

The MDA said that this was the “second-best year ever” for the property market and that these results confirmed the “resilience” of the industry, although it did not specify which year was its best and over what period it was referring to. 

"It also confirms that property remains the investment of choice of Maltese families and that the sector represents the interests of thousands of investors, big and small," it said.

“The Malta Developers [sic] Association maintains that the government should continue investing in infrastructure and also have incentives for greener buildings on top of its priorities.

“The MDA will continue putting forward its policy proposals on this, together with further incentives to help Maltese buyers continue to afford to buy rather than rent properties contrary to most other European markets.”