The number of property sales dropped by 10 per cent in July, while promises of sale decreased by 13 per cent when compared to the corresponding month last year.

However, the total value of the final deeds was slightly higher than last year's.

According to data published by the National Statistics Office, last month the number of final deeds of sale relating to residential property amounted to 1,246 - a 10.1 per cent decrease when compared to those registered a year earlier.

The value of these deeds totalled €307.8 million -  2.4 per cent higher than the corresponding value recorded in July 2021.

In the month under review, 1,122, or 90 per cent, of these final deeds of sale involved individual buyers (households), with companies accounting for virtually all the rest.

The value of the deeds involving households amounted to €260.5 million - equivalent to 84.6 per cent of the total value.

The highest numbers of final deeds of sale were recorded in Gozo and Birkirkara, Gżira, Imsida, Ta’ Xbiex and San Ġwann regions.

The lowest numbers of deeds were noted in the region of Vittoriosa, Senglea, Cospicua and Kalkara, and also the region of Mdina, Dingli, Rabat, Mtarfa and Mġarr. 

The NSO clarified that the data was provisional and based on the date of registration with the tax authority.

Promise of sale agreements

Last month, 956 promise of sale agreements relating to residential property were registered - a 13.2per cent decrease over the previous year.

Individual potential buyers accounted for 881, or 92.2 per cent of these agreements, while the rest mainly involved companies.

The largest number of promise of sale agreements corresponded to residential properties situated in the the region of Birkirkara, Gżira, Msida, Ta’ Xbiex and San Ġwann, and, separately, Gozo.