The Malta Developers Associations noted “more successful results obtained by the industry as sales in the property sector last month [November] were 18 per cent better than the same month of 2019," in a press statement issued on Wednesday.
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 MDA said.
The value of property sales registered last month, reached €274 million, an increase of €41 million on November 2019, it continued. In terms of value the increase was also 18 percent.
Despite these positive results, the MDA also noted 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 commented that while in the current circumstances the results of November 2020 are encouraging, it also means that more needs to be done so that the economy can continue to resist the current recession.
Mr Chetcuti said that while the sector and the economy as a whole is 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 turning.
The MDA President said that his association is committed that through hard work and the right incentives, 2021 could be a much better year for the industry.
Despite the economic hardship faced by many industries on the island and around the world, the MDA has this year announced record promise of sale agreements for July, August, September, October and now November.
Last September, WhosWho.mt examined why the property market appeared to be performing so well despite the pandemic, with answers varying from a back-log of promise of sale agreements between March and May when the country was on virtual lockdown, to a belief that people do not want to leave money sitting in the bank, and prefer to invest in property.
It is understood that the MDA receives information on the number of promise of sales agreement registered through aggregate data provided by The Office of the Commissioner for Revenue.