Property sales this year have stayed below last year's figures, new data issued on Monday show.

In May 2023, the number of final deeds of sale amounted to 1,080, down by 13.7 per cent from the same month in 2022, according to the National Statistics Office.

However, promise-of-sale agreements were up by 15.9 per cent in the same month.

The NSO said the value of final deeds totalled €252.5 million, a decrease of 8 per cent compared to May 2022.

In the month under review, there were 978 final deeds of sale involving individual buyers (households), representing 90.6 per cent of the total, with companies accounting for virtually all the rest.

The value of the deeds involving individual buyers amounted to €208.3 million, equivalent to 82.5 per cent of the total value.

Sales this year have been lower than in the corresponding months of last year.Sales this year have been lower than in the corresponding months of last year.

In May, the highest numbers of final deeds of sale were recorded in the Northern Harbour District, and the Northern District, registering a total of 317 and 192 deeds, respectively. At 102 and 146 deeds, the lowest numbers were recorded in the Western and Gozo districts, respectively.

The highest number of final deeds of sale were recorded St Paul’s Bay (92), Birkirkara (49), Sliema (46) and Marsascala (41).

Promise-of-sale agreements

In May, 1,304 promise of sale agreements relating to residential property were registered, an increase of 15.9 per cent over the previous year. Individual potential buyers accounted for 1,209 of these agreements, representing 92.7 per cent of the total.

The largest number of promise-of-sale agreements again related to residential properties in the Northern Harbour District with 373 agreements, followed by the Northern District with 258 agreements.

On the other hand, the lowest figures for promise-of-sale agreements were noted in the Western and Gozo districts with 120 and 167 agreements, respectively.

The highest numbers of promise of sale agreements were again in St Paul’s Bay (124), Sliema (54), Birkirkara (50) and Marsascala (49). 

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