In a social media message posted by Prime Minister Robert Abela, a record August for property transactions was celebrated.

According to the Malta Developers Association, August saw more than 1,300 promises of sale finalised and registered with the authorities.

The promise of sale agreements have a combined value of over €300 million and represents a 12 per cent increase over the same period last year

July was another record month for such agreements, with the MDA recording a total of 1,600 promise of sale agreements amounting to a value exceeding €330 million.

In his social media message, Dr Abela said that since the Government’s economic regeneration plan was launched, 4,088 agreements have been signed with the total value exceeding €860 million, €100 million more than in 2019.

Incentives proposed by the Malta Developers Association and adopted by Government in June, such as lower stamp duty from five per cent to 1.5 per cent for buyers, as well as a reduction in tax of property sales, have been touted as a major driving force for increased transactions.