Frank Salt Real Estate sees opportunities for buyers
Despite the global financial crisis, Frank Salt Real Estate Ltd still registered a good year throughout most of its operations in 2008 and sees great opportunities for buyers this year. Managing director Joseph Lupi presented an overview of the...
Despite the global financial crisis, Frank Salt Real Estate Ltd still registered a good year throughout most of its operations in 2008 and sees great opportunities for buyers this year.
Managing director Joseph Lupi presented an overview of the company's operations in 2008 and its plans for this year during the company's annual general conference held at the end of March at the Victoria Hotel in Sliema.
The company's area of operation which was mostly affected by the global crisis was its overseas operations, which saw a drop in demand by overseas buyers mostly from the UK, Malta's largest market. This was mostly attributed to the adverse housing market in the UK plus the drop in the value of sterling against the euro. Demand from other countries was still fairly good.
Regarding the local market, the company reported encouraging results, with the market slowing down towards the last quarter of the year.
"This has nothing to do with the international crisis," said Mr. Lupi. "Although the global crisis may have an impact on some sectors of our economy, the situation here is nothing compared to what other countries are experiencing. It is more likely that buyer confidence was adversely affected by the introduction of the new energy bills and the time in discussing these bills which slowed down the market and not just the property market," concluded Mr. Lupi.
Liquidity in the monetary market was still very high during the year resulting in a good demand for "Buy to Let" property and overseas property particularly in Tuscany and Ragusa, Sicily, the latter being a new location which was launched by the Company last year and which is proving very successful with local clients.
The residential letting divisions registered growth of 80 per cent throughout 2008, as well as, in commercial leases particularly that of office space.
Managing director Joseph Lupi presented an overview of the company's operations in 2008 and its plans for this year during the company's annual general conference held at the end of March at the Victoria Hotel in Sliema.
The company's area of operation which was mostly affected by the global crisis was its overseas operations, which saw a drop in demand by overseas buyers mostly from the UK, Malta's largest market. This was mostly attributed to the adverse housing market in the UK plus the drop in the value of sterling against the euro. Demand from other countries was still fairly good.
Regarding the local market, the company reported encouraging results, with the market slowing down towards the last quarter of the year.
"This has nothing to do with the international crisis," said Mr. Lupi. "Although the global crisis may have an impact on some sectors of our economy, the situation here is nothing compared to what other countries are experiencing. It is more likely that buyer confidence was adversely affected by the introduction of the new energy bills and the time in discussing these bills which slowed down the market and not just the property market," concluded Mr. Lupi.
Liquidity in the monetary market was still very high during the year resulting in a good demand for "Buy to Let" property and overseas property particularly in Tuscany and Ragusa, Sicily, the latter being a new location which was launched by the Company last year and which is proving very successful with local clients.
The residential letting divisions registered growth of 80 per cent throughout 2008, as well as, in commercial leases particularly that of office space.