Frank Salt Real Estate registered a growth of 14 per cent throughout its operations last year, directors said at the company’s annual general meeting at the Corinthia Palace Hotel, Attard.
Sales to foreign buyers remained the same, with Malta capturing foreign interest not only as a holiday home or a residency option but also as an investment opportunity. More than 20 per cent of total sales were investment purchases for capital appreciation or as rental investments.
While the market is still fuelled by first-time buyers, a strong improvement was registered among second-time buyers with an increase of 36 per cent in sales.
Average prices of properties sold also went up, particularly terraced houses and houses of character.
“These are clear indications that the property market is moving in the right direction,” managing director Joseph Lupi told consultants and associates.
“Despite the global financial crisis, we still registered a good year throughout most of our operations and we see great opportunities for buyers and investors this year.”
The rental market is also growing steadily, with company revenue from this division growing by 29 per cent in 2012. The directors also set out the company’s roadmap for the coming year.
“This year we hope to see a number of measures, announced in the last Budget, which will help boost the property market. These include relaxation of capital gains tax regulations, reduction in stamp duty, reduction in income tax on rentals and a revision of the permanent residency scheme, particularly those affecting non-EU residents.”
The commercial division also registered positive growth, with enquiries generated in 2012 growing by over 200 per cent when compared with those of the previous year.
These results were reached in line with the objectives of the company’s restructuring strategy which sought to have a dedicated division focusing on commercial property. This will be further developed this year.
In the first quarter of 2013, the company embarked on an aggressive recruitment drive aimed at enrolling more consultants to cater for the expected increase in sales and lettings demand for both residential and commercial properties.
During the conference, awards were presented for Best Sales and Letting Consultants to George Vassallo and Ludwig Farrugia. The Marsascala branch was named best branch.
Presentations were also made by company chairman Frank Salt, director Grahame Salt, marketing manager Nick Bilocca and Kevin Fenech from Fenci Consultancy.