Property final deeds and promise of sale agreements were both down last month, with the decline of the latter being sharper, official figures show.
Final deeds of sale amounted to 1,165 during March 2022, a decrease of 120 deeds when compared to those registered a year earlier.
During the same month there were 1,113 promise of sale agreements , a decrease of 535 over the same period last year.
The National Statistics Office, which issued the data, did not give reasons for the decline, although they are likely to have been influenced by the holding of the general election.
The NSO said final deeds of sale relating to residential property in March were down by 9.3 per cent when compared to those registered a year earlier. The value of the deeds totalled €249.3 million, 7.8 per cent lower than the corresponding value recorded in March 2021.
In the month under review, 1,075, or 92.3 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 individual buyers (households) amounted to €214.4 million, equivalent to 86.0 per cent of the total value.
First quarter results
In the first quarter of 2022, 3,373 final deeds of sale were registered, an annual increase of 2.9 per cent. The value of the deeds registered during this period rose by 8.9 per cent over the same quarter of the previous year and amounted to €736.1 million.
The highest numbers of final deeds of sale were recorded in Gozo and the region of Żabbar, Xgħajra, Żejtun, Birżebbuġa, Marsaskala and Marsaxlokk, at 582 and 397 respectively.
The lowest numbers of deeds were in the Cottonera region and the region grouping Mdina, Dingli, Rabat, Mtarfa and Mġarr. In these regions, 47 and 109 deeds were recorded respectively.
Promise of sale agreements
In March, 1,113 promise of sale agreements relating to residential property were registered, equivalent to a 32.5 per cent decrease over the previous year. Individual potential buyers (households) accounted for 1,024, or 92.0 per cent, of these agreements, while the rest mainly involved companies.
In the first quarter of 2022, the number of promise of sale agreements reached 2,743, representing an annual decrease of 31.0 per cent. The largest numbers of promise of sale agreements were in Gozo and the region of Birkirkara, Gżira, Msida, Ta’ Xbiex and San Ġwann, totalling 378 and 356 respectively.
The lowest numbers were noted in respect of properties located in Cottonera, and the region of Mdina, Dingli, Rabat, Mtarfa and Mġarr. The first-mentioned region accounted for 55 agreements and the second for 87 agreements.