Frank Salt sees growth in sales, letting
Frank Salt Real Estate registered growth throughout all its operations during 2007, notably an overall increase of 7 per cent in sales and 38 per cent in letting, both to local and foreign clients. This was announced at the recent annual general...
Frank Salt Real Estate registered growth throughout all its operations during 2007, notably an overall increase of 7 per cent in sales and 38 per cent in letting, both to local and foreign clients.
This was announced at the recent annual general conference held by Frank Salt Real Estate at the Victoria Hotel, during which the directors updated its sales consultants and stakeholders on the company's performance during 2007 and also put forward its objectives for 2008.
Joseph Lupi, managing director, confirmed positive growth in business activity particularly where it comes to foreign buyers, where a 19 per cent increase was 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 specifically targeting this market and above all the ongoing marketing efforts of the company aimed at this sector.
A slowdown has been registered with regard to the local market, 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 in 2008.
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.
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, said Mr Lupi.
2007 also saw the opening of two outlets in Mellieħa 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 are 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," he said. "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 the buyers' 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.
In 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 wants to attract more and more foreign buyers and is investing heavily in its overseas agencies and marketing on an international level.
Company chairman Frank Salt invited the government and the Malta Tourism Authority to increase their initiatives to promote Malta as the ideal destination.
This was announced at the recent annual general conference held by Frank Salt Real Estate at the Victoria Hotel, during which the directors updated its sales consultants and stakeholders on the company's performance during 2007 and also put forward its objectives for 2008.
Joseph Lupi, managing director, confirmed positive growth in business activity particularly where it comes to foreign buyers, where a 19 per cent increase was 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 specifically targeting this market and above all the ongoing marketing efforts of the company aimed at this sector.
A slowdown has been registered with regard to the local market, 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 in 2008.
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.
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, said Mr Lupi.
2007 also saw the opening of two outlets in Mellieħa 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 are 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," he said. "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 the buyers' 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.
In 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 wants to attract more and more foreign buyers and is investing heavily in its overseas agencies and marketing on an international level.
Company chairman Frank Salt invited the government and the Malta Tourism Authority to increase their initiatives to promote Malta as the ideal destination.