Residential property sales dropped by more than 20% in November when compared to the previous year, official statistics released on Tuesday indicated.
The decline continues a similar trend registered for much of 2023.
Just over 1,000 final deeds of sale were signed in November, according to the National Statistics Office, representing a 22.6% year-on-year decline.
While final deeds of sale dropped significantly, promise of sale agreements were up by 6.7% year-on-year. There were 1,232 promise of sale agreements relating to residential property in November, the NSO said.
The value of the deeds totalled €256.8 million, representing a decrease of 16.2% when compared to the corresponding value recorded in November 2022.
In the month under review, 930 (or 92.9%) of these final deeds of sale involved individual buyers, with companies accounting for virtually all the rest. The value of the deeds involving individual buyers amounted to €211.6 million, equivalent to 82.4% of the total value.
Final deeds of sale by district and by locality
In November, the highest numbers of final deeds of sale - 292 - were recorded in the northern harbour district (Birkirkara, Gżira, Qormi, Ħamrun, Msida, Pembroke, San Ġwann, Santa Venera, St Julian's, Swieqi, Ta’ Xbiex, Pietà, Sliema).
The highest numbers of final deeds of sale were recorded in: St Paul’s Bay (99), Birkirkara (49) and Msida (43). The sum of agreements recorded in these localities corresponded to 19.1% of the total final deeds of sale registered during November 2023.
Promise of sale agreements up
A total 1,232 promise of sale agreements relating to residential property were registered, equivalent to an increase of 6.7% over the previous year. Individual potential buyers accounted for 1,102 (89.4%) of these agreements, while the rest mainly involved companies.
Promise of sale agreements by district and by locality
The largest number of promise of sale agreements related to residential properties were also registered in the Northern Harbour district, with 362 agreements.
The highest numbers of promise of sale agreements were recorded in: San Pawl Il-Baħar (112), Birkirkara (71) and Marsaskala (51).
The sum of agreements recorded in these localities corresponded to 19% of the total promise of sale agreements registered during November.