Frank Salt Real Estate registered growth throughout all its operations during last year, notably an overall increase of seven per cent in sales and 38 per cent in letting, to local and foreign clients.
This was announced at the company's annual general conference at the Victoria Hotel on March 12, during which directors updated sales consultants and stakeholders on the company's performance and also put forward its objectives for this year.
In his speech, managing director Joseph Lupi confirmed a positive growth in business activity particularly where it comes to foreign buyers, where a 19 per increase has been registered. This was attributed mainly due to the stability of the Maltese economy, the prospects of the euro, an increase in low-cost flights, the development of property projects targeting this market, and above all the ongoing marketing efforts of the company to attract such buyers.
With regards to the local market, a slowdown has been registered, particularly in the last quarter of the year, mainly due to election fever and to adverse publicity claiming an oversupply of vacant property on the market. This market is expected to pick up again this year.
In terms of supply, in 2007, Frank Salt Real Estate registered an increase of 55 per cent in the number of blocks of apartments registered on their database. Prices stabilised during the year, triggering consistent sales.
In 2007, Frank Salt Real Estate also gained international recognition, being nominated as Best Real Estate Agency Worldwide. For the third consecutive year, it was awarded Best Real Estate Agency in Malta (five-star category), as well as Best Real Estate Marketing and Best Real Estate Website in Malta.
The letting market registered substantial growth last year, which has resulted in a short supply of available property to let. The company has since initiated a campaign to register more letting property to make up for this shortage. Activity in the commercial property sector has also been very promising with increasing interest in office space, particularly from overseas.
2007 also saw the opening of two branch outlets in Mellieha and Marsascala as well as the opening of new letting divisions within the network of offices, the expansion of the marketing division, spearheaded by Nick Bilocca and the setting up of new strategic overseas alliances to cater for growing overseas markets.
In a brief overview of the company's expectations for 2008, Mr Lupi confirmed that Frank Salt Real Estate is expected to grow further both in terms of operations and business activity.
"Government spending and investment in the economy is expected to continue increasing this year. Consumer and buyer confidence is expected to pick up after the slowdown during the last quarter of last year and the beginning of this year," said Mr Lupi.
"Now that elections are over, measures announced in the last Budget and in the last electoral campaign, particularly tax cuts and other fiscal measures are bound to put more money in buyer market." The letting market is expected to continue to grow at a faster rate than last year and rental return is expected to increase due to the short supply of available properties. The introduction of the euro is also expected to increase foreign investment to the island, as well as foreign buyers from new markets.
Throughout 2008, Frank Salt Real Estate will embark on a number of initiatives targeting the local market, particularly first-time buyers. Specific activities will also be undertaken aimed at investors and commercial property. The company aims at attracting more and more foreign buyers and is in fact investing heavily in its overseas agencies and marketing on an international level.
Company chairman Frank Salt thanked all sales consultants and company employees for their ongoing commitment and dedication to the company and also invited the Government and the Malta Tourism Authority to increase initiatives to promote Malta as the ideal destination.
During the conference Melanie Micallef was appointed manager for the overseas unit. Staff awards were also presented to the top sales consultants, the best letting consultants and to the top branch, this year being the Sliema branch.
At the end of the conference, director Grahame Salt highlighted a number of company projects that have been a great success, including the Tuscan developments of Vepri and Catignano.