The value of property promises of sale hit an all-time record of €487 million last month, according to data collected for the Malta Developers’ Association. 

Data suggests increasing demand for agricultural land for personal recreational purposes, larger homes with outdoor spaces and gardens and properties in Gozo, the MDA said. 

Its preliminary data showed that 2,108 promises of sale with a total combined value of €487 million were concluded in March. Both those figures are higher than those registered in any other month since January 2017, when the lobby group began compiling data. 

In February, promises of sale reached a total combined value of €350 million.

The March figures represent a month-on-month increase of 87 per cent in terms of the number of promises of sale registered, and an even larger 110 per cent increase in terms of total value of those contracts. 

In a statement announcing the figures, the MDA said that people not traditionally linked to development were investing in property, confirming it as “by far the most solid investment available on the island”. 

The investment had continued despite economic challenges, a “heavy political climate” and high-profile prosecutions. 

The MDA said that the government’s challenge, now that it was preparing to gradually reopen the economy, was to ensure that institutions and authorities linked to the property sector “become more efficient and ensure consistency.” 

“This is crucial towards a sustainable future in the property market,” it said.