Nearly €2.5 billion worth of property was signed off in more than 13,600 promise-of-sale agreements last year.

This was by far the highest value during the period 2008-2015, with the next highest coming the year before, at €1.6 billion.

This information was provided by Finance Minister Edward Scicluna in reply to a parliamentary question by Claudio Grech (PN).

The promise of sale, known as a konvenju, is a written agreement entered into between the prospective buyer and seller outlining the terms and conditions agreed upon by the parties.

Since 2008, the first year for which information was made available, 73,400 promises of sale have been registered, amounting to nearly €11 billion worth of property in all.

Since 2008,73,400 promises of sale have been registered, amounting to nearly €11 billion worth of property in all

The lowest number of such agreements for the period was registered in 2011, with 7,800. But the combined value that year, €1.07 billion, was still higher than in 2009, at 8,000 agreements worth just below €1 billion.

The number of registered promises of sale was in near constant decline since 2008 but the trend changed in 2013, reaching just over 11,000 that year and 13,660 in 2015.

A part of the stamp duty is paid on the promise of sale agreement to the Inland Revenue Department, typically representing one per cent of the selling price. The notary is bound to register this agreement within 21 days.

Between the signing of the promise of sale and the final contract, the notary carries out the necessary verifications and preparations to enable the final contract to be drawn up and concluded.

A total of €91 million in provisional tax at one per cent has been paid since 2008, €20 million of which was paid last year reflecting the increase in these promises of sale.

Speaking during the opening of the second reading of the budget measures implementation bill, Minister Scicluna said 6,000 first-time buyers have benefited from the exemption from stamp duty in the last two years.