Last month was the best August for property transactions in the past four years, with more than 1,300 promises of sale finalised and registered with the authorities, the Malta Developers' Association said on Monday. The agreements have a combined value of over €300 million.
This was the second month in a row to see a sharp increase in the number of registered promises of sale following government tax incentives introduced at the behest of the association.
In July, the MDA recorded 1,600 promises of sale with a total value exceeding €330 million.
Last #August, like June & July, promises of sale were more than in 2019, best month since 2017. A #record 4088 POS since our plan for a #bettertomorrow, reaching a value of €860 million, €100 million more than 2019. Creating a #new #generation of #home #owners - RA— Robert Abela (@RobertAbela_MT) September 7, 2020
It proved, once again, that the property industry is one of the most resilient economic activities despite the overall economic downturn due to the pandemic, the association said.
The incentives were announced in June and the MDA is calling on the government to also include them in the next Budget, effectively extending them. They are currently limited to the end of March next year.