Property sales reached a new high in January, the developers’ lobby said on Tuesday, with promises of sale up in both volume and value during the first month of 2021.

Data provided by the Malta Developers Association indicated that 1,157 promises of sale were registered that month, for a total value of €274 million. That represents a €59m increase from the 12 months prior, when 983 promises of sale were registered for a total value of €215 million.

Last month was also the most lucrative opening month of the year for the past six years, topping the €260 million in promises of sale registered in 2018.

The industry’s strong start to 2021 continued its performance in 2020, when the sector posted turnover of €3 billion, matching its 2019 total, despite the challenges of the COVID-19 pandemic.

The data published by the MDA was collected by the Property Malta Foundation.

In a statement, the MDA said the figures indicated that property had retained its investment value and that people were investing in higher-quality properties.

MDA director general Marthese Portelli urged the government to extend its lower transfer and stamp duty incentives, saying they were attracting and benefiting both buyers and sellers.

“The MDA is also working on tangible concrete proposals addressing the long needed forward planning and better green infrastructure to ensure better quality, sustainability and better liveability,” Portelli added.