October saw promise of sale agreements reach a total sales value of €371 million, a €100 million increase over the same month last year.

These figures represent one of the best months for the sector since 2017, with MDA president Sandro Chetcuti saying they indicate that Malta's property sector was resilient and thriving in “a situation of doom and gloom”.

Mr Chetcuti said the positive results were a direct result of the incentives introduced by the Government in June following consultation with the MDA.

These measures included a cut in stamp duty on property sales from five to 1.5 per cent and a reduction in property transfer taxes from eight to five per cent on the first €400,000.

The real estate market responded strongly, with July, August and September generating record-breaking sales totalling €850 million. 

Mr Chetcuti said that he is confident the sector would respond with further investment to the announcements made in the Budget 2021 speech that will see the introduction of further incentives for both buyers and sellers.