Property sales up by 21% in October; MDA says its proposals having positive effect

Last Updated on Thursday, 5 November, 2020 at 11:19 am by Andre Camilleri

Property sales increased by 21% in October, when compared to the previous month, the developers lobby said.

It welcomed the results which, it said, signalled the positive impact its proposals, which were implemented by the government, are having on the economy, despite the ongoing pandemic.

“Preliminary data shows that October 2020, was this year’s best month so far, and one of the best since 2017 where it comes to the number and value of promises of sales registered with the authorities. The data shows that last month a total number of 1,551 promises of sales were registered with a total sales value of €371 million. This means that October 2020 registered an increase of 21 per cent on the number of promises of sales registered in the same month in 2019, while the value increased by a staggering 36 per cent translating into €100 million over the value registered in October 2019,” MDA said.

Association president Sandro Chetcuti said these results confirm once again the resilience of the property market and its many players, which when given the right incentives, respond positively.

“The overall significance of these positive results is that in a situation of general doom and gloom, the property market is resulting to be the strongest of Malta’s economic sectors, providing continuous economic growth without the need of any handouts from taxpayers funds.”

Chetcuti said that these positive trends, which have been recurring since June, are a direct result of the Covid-19 incentives introduced by the government last June, following MDA proposals, incentives which benefit both the buyer and the seller.

These incentives will now be increased following the last Budget announcement, lowering further taxes for both buyers and sellers.

MDA said it is confident that through the new measures, its members and the industry will respond with more investment and confidence.

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