Frank Salt Real Estate sees 2009 as buyers' market

Frank Salt Real Estate Ltd registered a good year throughout most of its operations in 2008 and sees opportunities for buyers this year.

Managing director Joseph Lupi presented an overview of the company's operations last year and its plans for this year at the annual general conference held last month at The Victoria hotel, Sliema.

Most affected by the global crisis was the company's 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 together with the drop in value of of the sterling against the euro. Demand from other countries was still fairly good.

As far as the local market was concerned, the company reported encouraging results throughout most of its branches, with the market slowing down towards the last quarter of the year. "This has nothing to do with the international crisis," Mr Lupi said.

"Although the global crisis may have an impact on some sectors of our economy, the situation here is nothing compared with 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 spent discussing these bills, which slowed down the market and not just the property market," Mr Lupi added.

Liquidity in the monetary market was still 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 launched by the company last year, and which is proving successful with the Maltese.

The residential letting divisions registered a growth of 80 per cent throughout 2008, as well as in commercial leases, particularly that of office space.

Awards were handed out for Best Sales and Letting Consultants 2008, Best Employee 2008 and Best Branch, won by the San Ġwann office.

The conference, which was attended by staff, company associates and other guests, was opened by the chairman, Frank Salt, who on the occasion of the company's 40th anniversary highlighted some of the achievements throughout these years.