The property market was extremely volatile last year mainly due to a number of changes the country went through. This was announced at Frank Salt Real Estate Ltd's annual general meeting by managing director Joseph Lupi.
"We have had a very active market during the first six months of this year with activity slowing down after June. Market prices stabilised during the last two quarters with a few actually coming down to more realistic levels. Property sales dropped during the last quarter mainly due to fiscal measures announced by the government," Mr Lupi said.
Mr Lupi was pleased to announce that notwithstanding the unusual market conditions, the company registered another successful year. As a result of extensive overseas promotion, the company substantially increased its sales to foreign buyers over the previous year.
The company also increased its property registration by 57 per cent over 2003 thus offering a much wider choice of property to its clients. The company has also introduced a number of new value added services to clients focusing on a more personalised service. These services, particularly after-sales consultancy services, have been well received by the company's local and overseas clients.
Interest in investment property has also remained relatively high. This has led the company to set up a new investment property unit.
Sales to first-time buyers have registered a marginal drop. "This was probably due to the increase in property prices," Mr Lupi said. He urged the government and developers to include low-cost housing in all their future plans.
"Demand for one- and two-bedroomed units is very strong, and government through MEPA and through Private Partnership Schemes should encourage such developments. It is not only first-time buyers who feel that prices were high last year but also foreign buyers. We brought over to Malta around 500 clients on inspection visits last year and a substantial number went back very disappointed with property prices in Malta. Thankfully, prices this year seem to be stabilising and are more realistic," Mr Lupi added.
He then congratulated all the staff for their excellent performance and dedication. He emphasised the importance of retaining a high standard of service based on honesty, professionalism and ethical conduct throughout their dealings with clients. The company has also invested heavily in staff training and development, in branch infrastructure and IT.
Mr Lupi also announced future company plans and objectives, including the opening of a new branch office.
Awards were given out for Best Performing Branch which was won by the St Paul's Bay branch together with a number of awards to staff for best achievements. Awards consisted of 17 air tickets and weekend breaks.
The meeting was opened by company chairman Frank Salt who expressed appreciation to the staff for their contribution to the well being of the company.
The staff were treated to a reception at the end of the evening.