Malta's first ever property expo opened yesterday as 75 exhibitors came together to fight the economic crisis and prove that the real estate market is still going strong.

Describing the expo as a milestone in property development, the president of the Federation of Estate Agents, Trafford Busuttil, noted that this was the first time developers had come together under one roof: the Malta Fairs and Conventions Centre in Ta' Qali.

"Developers are collectively exposing their product and shedding the insular mentality in order to look at Malta's property brand as an export," he said, adding that it was now up to the government to provide the necessary legislative framework.

When the HSBC Malta Property Expo was planned, about 18 months ago, the main aim was to provide a platform to showcase the Maltese property brand on an international level, the managing director of organiser company Duplex Real Estate Branding, Keith Pillow, said.

However, soon after the launch of the expo, Lehman Brothers, a leading US bank, announced its bankruptcy and the financial crisis moved into full swing, a development which made the event more attractive to developers wanting to fight back the effects of the credit crunch.

The director general of the Malta Chamber of Small and Medium Enterprises - GRTU, Vince Farrugia, welcomed the event as a positive private initiative, adding that it came at an important time during the global financial storm.

Mr Farrugia said that, although recent statistics released by the Central Bank, showed a 4.4 per cent decline in property prices, the reality was that this was a unique time to invest in property.

"It's a real buyers' market... Developers in Malta today are offering the best package to buy a home," he said.

The Parliamentary Secretary for Public Dialogue, Chris Said added that the government was committed to ensuring development was sustainable and that a balance was kept between the interests of the developer and society's needs.

The expo ends tomorrow. Today, it will be open between 11 a.m. and 10 p.m. and tomorrow from 10 a.m. to 8 p.m. The entrance fee is €3.

Seminars and presentations will take place on subjects such as architecture, property letting and energy efficiency. Visitors can also win a BMW X5, worth €85,000, through an entrance ticket competition.

http:/www.maltapropertyexpo.com