New trend in local real estate sales gets off to good start

When I visited the first property auction, held yesterday week by Malta Property Auctioneers Ltd, I was curious to see what type of people would attend, and naturally; the outcome.

There were a variety of people: younger, as well as older couples, and quite a number of foreigners, who seemed familiar with property auctions.

Pierre Faure, managing director of Malta Property Auctioneers Ltd, said "We had very good feedback from all who attended. Everyone left on a very positive note and they are looking forward to the next auction."

Since this was the first such auction, he explained, it was important to appreciate that most of the properties were listed for sale in February. "Seven out of the 20 properties were given to us on March 9. Therefore, we were not given that much time to expose them to the public.

"So if you look at the timeframe, it's quite amazing how seven different properties were sold in such a short time."

According to Mr Faure, the first auction was a success. "We certainly achieved our goals and, most importantly, satisfied our clients. Lm1.1 million in sales on our first auction was more then acceptable."

The types of properties sold ranged from a luxurious villa on over a tumolo of land in San Pawl tat-Targa to a compact penthouse in Kirkop, which was ideal for first-time buyers.

"This proves to us that, if a property is well priced and it's exposed widely to the public, it will sell," Mr Faure added.

The Maltese bidders seemed a little hesitant to bid, but he is confident that it will not be long before they will realise that the beauty of a property auction lies in finding good value properties and, above all, the transparency of the deal.

The next collection of properties organised by Malta Property Auctioneers Ltd will go under the hammer on June 30 at the Westin Dragonara Resort.

"We are confident that the next auction will have an even larger portfolio of different properties, including sites for development and property that has the potential for added value," Mr Faure said.

The next catalogue with a full list of lots being offered is expected to be published by mid-June but there are daily updates on all the properties listed for auction at www.maltapropertyauctioneers.com.