There are very good prospects for the property market for the second half of 2010 and for 2011, according to Frank Salt Real Estate director Douglas Salt, who was addressing the company's AGM recently.

Despite the global financial crisis, Frank Salt Real Estate Ltd still registered a good year throughout most of its operations during 2009 and sees great opportunities for buyers during 2010, particularly where it comes to first time buyers, he said.

The global recession took its greatest toll on the company's overseas operations, which in the first six months of 2009 saw a considerable drop in demand by overseas buyers mostly from the UK, Malta's largest market. However, a considerable improvement was already registered in the second half, particularly in the last three months of the year, and the first three months of 2010.

As expected, this drop in demand from the British market was mostly attributed to the adverse housing market in the UK plus the drop in the value of the sterling against the euro, Mr Salt said. The company, however, took several counter measures, particularly thanks to its investment in new markets such as Scandinavia, Russia, Southern Europe and South Africa.

Managing director Joseph Lupi confirmed that, where it comes to the local market, this had stabilised itself with a positive increase over 2008 figures. This was attributed mainly due to the favourable home loan interest rates, the extensive choice of great value properties, and the increasing demand for buy-to-let properties.

The company, he said, registered a marginal improvement in sales to second time buyers, albeit the average value of properties sold was lower, with prices having adjusted themselves to reflect the current market conditions.