Property sales in February hit a four-year high for that month of the year, preliminary data released by the Malta Developers’ Association indicates. 

The MDA said 1,600 promises of sale with a total value of €350 million were registered last month – a 40 per cent increase in contracts and €100m increase in value over February 2020. 

Those figures were also the highest registered for February since 2017, the MDA said in a statement.

Data collected by the MDA suggests the property sector has continued to thrive despite the pandemic, with €274 million worth of property committed to promises of sale in January and more than €3 billion in sales throughout 2020 – roughly similar to results obtained in 2019. 

In its statement on Saturday, the MDA noted that the high volumes of property sales helped generate significant revenue for state coffers at a time of economic uncertainty and said that it was “vital” to ensure resilient economic sectors were allowed to continue growing. 

“The MDA is committed to continue ensuring that the industry will continue to respond with more investment and increased enthusiasm to create more confidence and possibly more rapid growth in the economy in a sustainable way,” it said.