Property market last year was 'extremely volatile'

The property market was extremely volatile last year mainly due to a number of changes the country went through, according to Joseph Lupi, managing director of Frank Salt Real Estate Ltd.

Speaking during the company's annual general meeting, Mr Lupi noted that the market was active in the first half of the year.

By his account, market prices stabilised in the last two quarters with some prices coming down to more realistic levels.

Property sales dropped substantially during the last quarter, mainly due to fiscal measures announced by the government.

As a result of extensive overseas promotion, the company substantially increased its sales to foreign buyers over the previous year. The company also increased its property registration by 57 per cent over 2003 thus offering a much wider choice of property to clients.

There was a marginal drop in sales to first-time buyers. Mr Lupi urged the government and developers to include low cost housing in all their future plans.

The meeting was opened by Frank Salt, company chairman, who expressed appreciation to the staff for their contribution to the well being of the company.