The value of property promises of sales registered last March hit a new all-time record since statistics started to be kept.
Preliminary information shows that March 2021 registered the highest number of registered promises of sales, both in terms of quantity and value since January 2017.
The total number of promises of sales registered with the tax authorities reached 2,108 with a value of €487 million. Compared to March 2020, when the pandemic first hit, March 2021 registered a month-on-month increase of 87% in the amount of promises of sale registered and 110% in total value (€255 million more than last year).
It results that there is a high demand for agricultural land for personal recreational purposes as well as bigger dwellings with outside space and gardens, and this is boosting the value of the properties changing hands. There is also an increased demand from the general public for property in Gozo. This may be a direct result of the Covid-19 pandemic.
The MDA notes that although the economy was severely hit last March, particularly due to a heavy political climate and high-profile prosecutions, people and the business community at large, including those who were not traditionally into development, are investing in property. This goes to show that this is by far the most solid investment available on the island.
The MDA stresses the need, that now that the country is preparing to gradually open-up its economy and lowering restrictions, the government must make sure that the authorities and institutions related to this buoyant factor become more efficient and ensure consistency. This is crucial towards a sustainable future in the property market.