The Malta Development Association announced that revenue generated from property market transactions reached €426 million last month, compared to €328 million in January 2023. The number of Promise of Sale agreements (konveni) also rose by 7%, from 1247 to 1460.
“In January 2024, Malta experienced an unprecedented surge in performance, making it the most remarkable January in our history. MDA president Michael Stivala stated, and went on to explain the significance of this information, “This uptick not only signifies a heightened level of market confidence but also underscores the effectiveness of the country’s strategies. Simultaneously, revenue witnessed a phenomenal rise, catapulting from €328,438,582 in January 2023 to €426,241,244 in January 2024. This substantial increase of €97,802,662 translates to an extraordinary 30% growth.”
He continued, “The correlation between the surge in promise of sales and the exponential revenue growth is a testament to the robustness of our industry and the continuous confidence of the Maltese and Gozitans in the property industry.Several factors contributed to this exceptional performance, including a keen understanding of market trends and the implementation of effective strategies.
Looking ahead, Mr Stivala stressed that the focus must remain on sustaining and building upon this success. “We are confident that our industry’s future strategies and goals will pave the way for continued growth and solidify our industry as the leading industry in the Maltese economy.
The president of the Malta Development Association urged the Government to increase investments in sustainable development and national infrastructure. Emphasizing the long-term benefits, this initiative aims to foster environmental resilience, economic growth, and improved quality of life for citizens. “Together, we can build a more sustainable and resilient future for our nation.”, he concluded.
