Another successful auction with over Lm 1 million in property sales

Last weekend at The Pavilion, Westin Dragonara Resort, an energetic crowd gathered to bid for 29 properties in a Malta Property Auctions (MPA) Ltd auction. The property auctioneer calls for one more bid and, in less than 10 minutes, another happy purchaser had bought himself a new home.

According to MPA general manager Daniel Debono: "Indeed it has once again proved to be a very effective and transparent way to sell property fast, reaching over Lm 1 million in property sales."

Surprisingly, there were quite a few determined foreigners, but also Maltese, bidding for various properties that seemed to be realistically priced. One particular property that started at Lm225,000 ended up up selling for Lm245,000.

Other small properties, such as two well-priced three-bedroomed apartments in Swieqi sold between Lm55,000 to Lm60,000.

The simplicity of the auction process makes one question why the concept hasn't been adopted to property before. The properties varied from apartments, farmhouses, villas in San Pawl tat-Targa as well as a penthouse in Sliema.

"Selling a property within a maximum time span of three months in my opinion is a success on its own merit, especially in today's marketplace," Mr Debono said. "We have sold property within 10 days of actually listing, proving that more and more potential clients are looking for our properties and keeping updated on any new listings on our Website.

"Four properties were sold prior to the auction, proving that although the competition is great, properties that are well priced and marketed in the right way will sell."

What people are seeking today is good value and to a greater extent MPA has realised that potential purchasers are becoming wiser and certainly more knowledgeable. Easy access to Websites and an abundant amount of different media that advertise properties on a daily basis are helping potential purchasers in finding their dream home.

"We know and appreciate that property values have increased tremendously over the past five years, after all; a home is generally one's largest investment," Mr Debono said. "Therefore we have to be confident and creative, always putting our clients first and helping them make better decisions in regards to their property and investments.

"We believe Malta Property Auctioneers is doing just that. What we seek at MPA are serious vendors and most importantly serious buyers. All our contracts are unconditional, ensuring a quick sale but, most importantly, the purchase of a property at true market value."

For more information on Malta Property Auctioneers and local property auctions visit www.maltapropertyauctioneers.com.