18% increase in November property sales as industry remains buoyant

The Malta Developers Association has welcomed more successful results obtained by the industry as sales in the property sector in November were 18 per cent better than the same month of 2019.

Despite the economic uncertainty spurred by the consequences of the global pandemic, preliminary data shows that 1,245 promises of sale were officially registered last November, a significant increase over the same month of 2019.

The value of property sales registered last month, reached €274 million, an increase of €41 million on November 2019.

In terms of value the increase was also 18%.

Despite these positive results, the MDA also notes that November 2020 registered lower turnover in promises of sales and property value when compared to the same month in both 2017 and 2018.

MDA President Sandro Chetcuti said that, while encouraging, the results highlight the need for more effort to ensure the economy can continue to resist the current recession.

He said that while the sector and the economy as a whole were still facing tough problems, the positive news that a vaccine is on the verge of being rolled-out instils trust that the page will soon be turned.

Chetcuti said the MDA was convinced that through hard work and with the right incentives, 2021 could be a much better year for the industry.