The great demand for properties in ‘hot’ areas – both for rental and purchase – has meant that properties in adjacent areas pick up the spill-over, Benjamin Tabone Grech, the managing director of Engel and Völkers Sara Grech, believes.

“The zones where a premium is paid have expanded. Sliema and St Julian’s were always in demand but that is now spreading to San Ġwann and even towards Naxxar.

“The south is still developing but not as much as the east harbour side of the island. And of course absolute prices have developed too and it is amazing to see the difference in prices over the past 10 years,” he said.

“Although some areas have always been sought after and attract a premium, there have been significant changes over the past decades, and the development of lifestyle ‘destinations’ like Portomaso and Tigné Point have changed the map indelibly.”

The heat map of the properties currently on the market – approximately 15 per cent of the total – shows the areas where property prices are commanding a premium, although there are exceptional one-off properties or developments in some areas like Valletta and San Lawrenz, which have driven up the weighted average for that particular area.

A weighted average is not a guide to property valuations, although understanding which areas are on the up and which are declining is key to advising both buyers and sellers, he said.

Some types of property are also becoming far more popular than they were. There are now penthouses available with a footprint and price comparable to that of a villa – with similarly extraordinary views and even pools – for example, and as people’s lifestyles change, they prefer the lower maintenance that comes with a large terrace rather than a garden.

“Condominium living has a great appeal, especially for people who do not have a young family, or who travel a lot. They still want space and to be central. There is also a security issue. It is very convenient,” he said.

The complexity of the property market and understanding trends is one of the main reasons that Engel and Völkers Sara Grech has opted to have agents allocated to specific areas. This ensures in-depth knowledge of the property available in that area.

“We regard our agents as licensed partners for acquisitions – not closing – in a specified zone. They rely on each other and it encourages a lot more teamwork.

Engel and Völkers Sara Grech will soon be moving to new headquarters in Mrieħel, which it describes as its ‘market centre’

“Take Portomaso: we have one agent for that complex, which has a very high sales potential. He has a tremendous knowledge of a large proportion of the hundreds of properties there and has a great relationship with many of the sellers.

“And we insist that our agents have personally seen all the properties in their portfolio – which means they are in a much-better position to match the right property to the buyer.

“It also gives the seller a better service to have an agent who knows the property and brings clients that are potentially a good match. And of course, they are up to date on whether a property is still available or not and if there have been any changes to the price, for example.”

The approach to the organisational set-up also extends to its physical presence in the market. The company will soon be moving to new headquarters in Mrieħel, which it describes as its ‘market centre’.

It also has ‘property lounges’ – not branches – in Sliema, Fgura, St Paul’s Bay and more recently Attard and Portomaso.

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“A branch would have a manager, secretary and team of agents. Each agent would have his own fixed desk. With our set-up, no agent has a desk and they can work from any of our offices – it is much more flexible.”

Marketing property has changed considerably. Traditional advertising has been supplemented by social media and online searches but there is still a role for property lounges as they maintain a presence in the markets where the company is most active, he explained.

“The ‘shop window’ means that the seller has another opportunity to market his properties and the buyer has ease of access to the company,” he pointed out.

“But online is where buyers build up their knowledge of what is available on the market. And of course, Facebook is unbelievable as a medium for leads.”

The website is a fundamental tool, nowadays, and it is one of the major benefits of the 2013 franchise agreement with Engel and Völkers. The site has a very different approach and layout to American or local sites and – more importantly – means that Malta is suggested to international buyers anywhere in the world.

Foreigners now make up almost half of the company’s buyers – and some 90 per cent of those seeking rentals.

“We get direct referrals from our partners overseas and I also visit them to make them aware of what is available here, not just in terms of property but also as an investment destination,” he said.

Mr Grech is the third generation of real estate agents: his grandfather founded the business in 1965.

His mother Sara grew the company significantly and she was thrilled to see her son bring his dynamism into new sectors like yachting, aimed at its high net worth clients.

The company first focused on yacht brokerage in the south of France, but over the next two years it aims to become the exclusive dealer for particular yachts, and to develop its own small charter fleet of around four or five yachts.

What lies ahead? The company already employs around 80 and is aiming for about 150 agents by the middle of next year. As with all dynamic industries finding the right people and keeping them is what sets successful companies apart. The real estate sector is notorious for its high attrition rate of around 30-35 per cent but Engel and Völkers Sara Grech has managed to bring that down to around 25 per cent, he said. The company has also beefed up its workforce with foreign staff to offer a multicultural service to match its clientele profile, especially on the rental side.

“We invest so much in our people. If they leave after a few months, then it means that we have chosen the wrong people. We have four people in our human resources team and we have a much narrower profiles of the people who can join us. Ideally we would want graduates,” he said.

“After all they are entrusted with helping people to make one of the most expensive acquisitions they will make in their lives.”