Property sales decreased by almost a quarter last month when compared to August 2022, maintaining a trend of declining sales this year.
The National Statistics Office said on Tuesday that the number of final deeds of sale and promise of sale agreements relating to residential property amounted to 949 and 970, respectively.
Final deeds of sale decreased by 24.6 per cent, whereas promise of sale agreements increased by 5.5 per cent.
Monthly NSO figures have shown a consistent year-on-year decline in residential property sales in the past months, with drops of 19 per cent in July, 18 per cent in June, 14 per cent in May and 18 per cent in April.
Final deeds of sale
The NSO said the value of the final deeds totalled €263.4 million, representing a decrease of 9.4 per cent when compared to the corresponding value recorded in August 2022.
869 (or 91.6 per cent) of the 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 €210.9 million, equivalent to 80.1 per cent of the total value.
The highest numbers of final deeds of sale in August were recorded in the Northern Harbour District and the Northern District, registering a total of 259 and 178 deeds, respectively. At 96 and 132 deeds, the lowest numbers were recorded in the Western District, and the Gozo and Comino District, respectively.
The highest numbers of final deeds of sale were recorded in St Paul's Bay (79), Mosta (46) and Birkirkara (41) accounting together for 17.5 per cent of the total final deeds of sale registered during August 2023.
Promise of sale agreements
In August 2023, 970 promise of sale agreements relating to residential property were registered, equivalent to an increase of 5.5 per cent over the previous year. Individual potential buyers (households) accounted for 893 (or 92.1 per cent) of these agreements, while the rest mainly involved companies.
Promise of sale agreements by district and locality
The largest number of promise of sale agreements related to residential properties were registered in the Northern Harbour District with 285 agreements, followed by the Northern District with 210 agreements. On the other hand, the lowest figures of promise of sale agreements were noted in the Western District, and the Gozo and Comino District, at 101 and 108 agreements, respectively.
The highest numbers of promise of sale agreements were recorded in St Paul's Bay (99), Msida (53) and Marsascala (42). They together accounted for 20.0 per cent of the total promise of sale agreements registered during August 2023.