Promise of sale agreements for properties rose by 21 per cent in October when compared to the same month in 2019, the developers’ lobby said on Tuesday as it highlighted what it said was one of the best months for the sector since 2017.

The 1,551 promises of sales are for properties with a total sales value of €371 million – a €100 million leap when compared to the total sales value of property agreements sealed in October 2019.

Malta Developers Association president Sandro Chetcuti said that the figures indicated that Malta’s property sector was resilient and thriving in “a situation of doom and gloom”.

Chetcuti said that the positive results were a direct result of COVID-19 incentives introduced by the government last June following consultation with the MDA. 

The government had in June cut stamp duty on property sales to 1.5%, reduced property transfer taxes and offered first-time buyers a loan to help them raise the downpayment needed to purchase a property, among other things.

Chetcuti said these incentives would now be increased following incentives announced in the Budget 2021 speech which would benefit both buyers and sellers, and said he was confident the sector would respond to the incentives with further investment.