Last Updated on Wednesday, 13 September, 2023 at 8:08 am by Andre Camilleri
The number of final deeds of sale signed on properties in the month of August was down by almost a quarter when compared to the corresponding month last year, although promises of sale were up by 5.5%, new data published by the National Statistics Office shows.
In August 2023, the number of final deeds of sale and promise of sale agreements relating to residential property amounted to 949 and 970, respectively, the NSO said.
In relation to the amounts registered in 2022, the final deeds of sale decreased by 24.6 per cent, whereas promise of sale agreements increased by 5.5 per cent.
Final deeds of sale
In August 2023, the number of final deeds of sale relating to residential property amounted to 949, a 24.6 per cent decrease when compared to those registered a year earlier. The value of these deeds totalled €263.4 million, representing a decrease of 9.4 per cent when compared to the corresponding value recorded in August 2022.
In the month under review, 869 (or 91.6 per cent) of these final deeds of sale involved individual buyers (households), with companies then 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.
In August 2023, the highest numbers of final deeds of sale 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 the following localities: San Pawl Il-Baħar (79), Il-Mosta (46) and Birkirkara (41). The sum of agreements recorded in these localities corresponded to 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.
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 the following localities: San Pawl Il-Baħar (99), L-Imsida (53) and Marsaskala (42). The sum of agreements recorded in these localities corresponded to 20.0 per cent of the total promise of sale agreements registered during August 2023.
