Final deeds of property sale decrease by 22.4% in October, NSO says
In October the number of final deeds of sale and promise of sale agreements relating to residential property amounted to 1,125 and 1,225, respectively. In relation to the amounts registered in 2022, the final deeds of sale decreased by 22.4%, whereas promise of sale agreements increased by 2.3%, the NSO said Thursday.
This news release presents provisional data on residential property sale transactions based on the date of registration with the tax authority.
Final deeds of sale
In October the number of final deeds of sale relating to residential property amounted to 1,125, a 22.4% decrease when compared to the figure registered a year earlier. The value of these deeds totalled €298.1m, representing a decrease of 12.2% when compared to
Foreign workers have become an essential element within Malta's logistics industry, "with their input being crucial for its ongoing development and prosperity", the Malta Employers Association (MEA) has said.
"By embracing the skills and abilities they offer, addressing hurdles while advocating for fair and inclusive employment practices, a thriving and enduring logistics sector in Malta can be guaranteed," the MEA said.
This was the key message emerging from the SME National Forum 2023, hosted by the Malta Employers Association, which this year focused on the HR challenges of foreign workers in the logistics industry. the corresponding value recorded in October 2022.
In the month under review, 1,013 (or 90%) of these final deeds of sale involved individual buyers (households), with companies accounting for virtually all the rest. The value of the deeds involving individual buyers (households) amounted to €236.1m, equivalent to 79.2% of the total value.
In October the highest numbers of final deeds of sale were recorded in the Northern Harbour District and the Northern District, registering a total of 329 and 215 deeds, respectively. At 84 and 143 deeds, the lowest numbers
Introducing the event, MEA president Joanne Bondin noted how foreign workers have become indispensable in sustaining and accelerating economic growth. "EU and third country nationals have filled employment gaps in the logistics sector that might have otherwise hindered its development. They augment the labour force, enabling companies to meet the escalating demand for their services".
MEA director general Joseph were recorded in the Western District, and the Gozo and Comino District, respectively.
The highest numbers of final deeds of sale were recorded in the following localities: St Paul’s Bay (83), Birkirkara (53) and Marsascala (51). The sum of agreements recorded in these localities corresponded to 16.6% of the total final deeds of sale registered during October.
Promise of sale agreements
In October 1,225 promise of sale agreements, relating to residential property, were registered, equivalent
Farrugia highlighted how despite soaring numbers of foreign workers, many firms struggle as these tend to leave the island after less than a year. "We need to understand why this is happening, and often, this is unrelated to wages. Rather, it is related to other factors, including the cost of rent, the difficulty to bring their family over and other external costs they face. These are all issues that need to be considered to ensure better worker retention," he explained.
Farrugia also called on the need for a better appreciation of what the logistics sector entailed. "Unfortunately, many associate logistics merely with delivery of goods through land
to an increase of 2.3% over the previous year. Individual potential buyers (households) accounted for 1,117 (or 91.2%) of these agreements, while the rest mainly involved companies.
Promise of sale agreements by district and by locality
The largest number of promise of sale agreements related to residential properties were registered in the Northern Harbour District with 352 agreements, followed by the Northern District with 237 agreements. On the other hand, the lowest figures of promise of sale agreements were noted in the Western District and the Southeastern District, at 125 and 160 agreements, respectively.
The highest numbers of promise of sale agreements were recorded in the following localities: St Paul’s Bay (104), Mosta (58) and Birkirkara (53). The sum of agreements recorded in these localities corresponded to 17.6% of the total promise of sale agreements registered during October.
Foreign workers have become an essential element in Malta's logistics industry, MEA says
transport, for example. Rather, it includes high-tech and specialised services and jobs with better than average conditions of employment," he argued.
MEA consultant Kirsten Cutajar Miller shared an in-depth presentation giving the context related to the presence of foreign workers in Malta in the logistics industry. "She noted how in 2021, out of 8,185 people who were employed in the sector, the share of foreigners, whether fullor part-time reached 18.7%, up from 2.9% in 2010. The share of third country nationals exceeds 49% in 2021, increasing sharply since 2018," the MEA said.
"In the wider private sector, the share of foreign workers is at times higher, with one of the most recent MEA surveys finding that one in four firms reported that more than 50% of their employees are non-Maltese."
The conference brought together industry and institutional leaders from several organisations which relate with the recruitment of foreign workers. Various HR elements were addressed including the recruitment process, training, skills required, language barriers, cultural adaptability, digitalisation and worker retention.
The event, which formed part of the SME Week 2023, was supported by the Ministry of the Economy, European Funds and Lands, Identità and the Foundation for Transport.