HSBC Bank Malta granted new mortgage approvals worth a total €250 million worth last year, Ray Briffa, head of branch banking and deputy head of personal financial services, told The Times Business.

"The property market in Malta has seen a decline in both activity and prices after reaching a level of unrealistic expectations," Mr Briffa said. "In spite of this, our mortgage book has continued to experience growth with over €250 million of new approvals in 2009 confirming overall resilience."

Following the success of the first Malta Property Expo last year which attracted 73 participants and over 6,000 visitors, HSBC has decided to reconfirm its support for the second edition which opens at the MFCC in Ta' Qali next Thursday. The event is organised by Duplex Real Estate Branding.

Mr Briffa believed the expo's high standards "can only fuel interest by local and overseas buyers in the retail property market". By bringing together all the industry's key players - from estate agents to developers - under one roof, the expo translates into an ideal showcase for prospective local and overseas buyers. For HSBC, the expo provides an opportunity as a customer service contact point.

Interest rates at unprecedented low levels can only be to customers' benefit, he added. HSBC, meanwhile, has also witnessed positive take-up of its fixed interest rate arrangements.

How did HSBC anticipate a potential crisis within the eurozone affecting interest from overseas buyers?

"Malta remains very attractive because the local banking system has proved to be very robust," Mr Briffa emphasised. "Malta is - and will remain - very attractive for overseas buyers for a variety of reasons, including the quality and pace of life, climate and investment opportunities."

HSBC has just named Edward Cassar senior manager, home loans and business development. Described as "highly versed in the property market", with a successful track record in retail banking, Mr Cassar has been detailed to champion the mortgage service by acting as internal and external point of reference. He is also to co-ordinate the mortgage service quality in the branch network and work closely with industry players.

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