The developers' association on Thursday said 2024 was a record year for the sector, with the value of promise of sale property exceeding five billion Euros. 

The Malta Development Association said in a statement last year saw "an impressive" number of records broken across the island's property sector.

According to MDA's data, the total value of property on a promise of sale reached €5,110,103,735 in 2024. There was a total of 16,739 promises of sale that were signed throughout the year.

The previous year the total value reached €4,597,753,196.

MDA said its data was based on information about residential and commercial property which it collected from "different sources".

"This year represents an increase of more than 11% over the previous year and an increase of 5.5% over the previous record.

"Once again, this data continues to demonstrate the economic growth brought about by the property sector... this sector is one of the fundamental pillars and therefore we need to preserve it," the MDA added.

The MDA said that demand for property was "constantly increasing" and it was therefore important to address bureaucracy issues.

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