18% increase in November property sales – MDA

key house property
Photo by Maria Ziegler on Unsplash

An increase of 18% in property sales was registered in November, the developers’ lobby noted on Wednesday, adding that this was an increase over the same month the previous year.

In a statement, the Malta Developers Association noted that despite the economic uncertainty brought about by the global pandemic, the preliminary data showed that 1,245 promises of sale were officially registered last November, adding that this was a “significant” increase over the same month last year.

The value of property sales registered last month, reached €274 million, an increase of €41 million on November 2019. In terms of value the increase was also 18 percent, the MDA said.

The developers’ lobby noted that lower turnover in promise of sales and property value were registered in November 2020 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.

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.

He concluded by saying that his association is committed that through hard work and the right incentives, 2021, could be a much better year for the construction industry.