The real estate market in Malta has seen a significant recovery in the first quarter of 2023, as indicated by the number of promise of sale agreements registered. After a decline in 2022, the market seems to have bounced back, showing promising growth in the early months of 2023.
A Closer Look at the Numbers: Let's delve into the data from Table 4a, which outlines the number of promise of sale agreements by the period of registration for 2021, 2022, and 2023.
January: The number of promise of sale agreements in January 2023 reached 920, up by 38.7% compared to the same month in 2022, when 663 agreements were registered. This growth indicates a strong start to the year, as the numbers approach the January 2021 level of 980 agreements.
February: In February 2023, there were 1,033 promise of sale agreements registered, a 7% increase compared to February 2022's figure of 965. This upward trend suggests increased confidence in the real estate market and a growing number of transactions.
March: March 2023 witnessed a total of 1,172 promise of sale agreements, which was a 5.3% increase compared to March 2022's 1,113 agreements. The sustained growth in March solidifies the positive trend observed in the first quarter of 2023.
Q1 Comparison: When comparing the first quarter (Q1) of each year, we can observe a significant recovery in 2023. The total number of promise of sale agreements in Q1 2023 reached 3,125, a 14% increase compared to Q1 2022's 2,741 agreements. However, this figure is still slightly lower than the Q1 2021 level, which recorded 3,978 agreements.
Conclusion: The first quarter of 2023 has shown promising signs of recovery in the real estate market, as evidenced by the increase in promise of sale agreements registered. The positive trend, especially compared to the decline in 2022, indicates increased confidence in the market and the potential for further growth throughout the year.
Stay tuned for more updates on the real estate market and the latest trends. Don't forget to share this article with your friends and colleagues to keep them informed about the promising start to 2023 in the world of real estate!
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