The number of promises of sale carried out in April reached an all-time high of 1,796, the Malta Developers Association said on Tuesday. 

The figures from April contrast starkly those from the same month last year, when the number of sales had plummeted to an all-time low, the developers' lobby said in a statement. 

According to data compiled by the MTA, the aggregate value of property totalled almost €400 million in April, as opposed to €84.5 million last year. 

"1430 of these promises of sales were for residential properties, which both goes to show that the demand is an ever-growing one even within this sector and that the amount of available property on the market is still keeping it within the buyers’ reach," the lobby said. 

The MDA attributed the record-breaking spike in sales to the reduction of both stamp duty as well as property transfer tax. The measures were introduced by the government to counter losses resulting from the pandemic. 

"The MDA encourages government to keep this positive trend going by extending the time-frame of the reduction in taxes related to property transfer in order to keep achieving excellent economic results due to the ripple effect the industry has on numerous other sectors, including the employment sector," it said. 

In March, 2,108 promises of sale were concluded, with a total combined value of €487 million, figures that had never been registered before. And in February, figures had reached four-year highs.