There are good prospects for the property market for the second half of this year and for 2011, according to Frank Salt director Douglas Salt during the company's recent annual general conference at the Grand Hotel Excelsior, Floriana.
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 this year, particularly first-time buyers.
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 registered in the second half, particularly in the last three months of the year, and the first three months of this year.
As expected, this drop in demand from the British market was mostly attributed to the adverse housing market in the UK together with the drop in the value of the sterling against the euro. The company took several counter measures, particularly because of its investment in a number of new markets.
Joseph Lupi, managing director, said the local market had stabilised, with a positive increase over 2008 figures. This was attributed mainly due to the favourable home loan interest rates, extensive choice of properties and the increasing demand for buy-to-let properties.
The company has registered a marginal improvement in sales to second-time buyers, albeit the average value of properties sold was lower, with prices adjusting to reflect the current market conditions.
Throughout 2009, Frank Salt consolidated its team of property consultants, while also engaging more professionals. This was backed by aggressive training and other internal initiatives, as well as the introduction of higher yield remuneration packages.
The letting operations also registered a considerable increase in the overall set-up of the company. Apart from increasing its team of letting consultants, the company has initiated a campaign to register more letting properties and create greater awareness on the value of purchasing a buy-to-let property.
Activity in the commercial property sector has also been promising, with increasing interest in office space, particularly from overseas. Mr Lupi announced the appointment of commercial manager Joseph Pace and the opening of a new office in Sliema to house the letting and commercial property divisions.
Details of the company's marketing plan for 2010 were also given. These included a good number of initiatives targeting the foreign market, which is showing signs of recovery, overseas property fairs and other activities to be undertaken with the company's overseas associates.
Awards were handed out for Best Sales and Letting Consultants, Best Employee, Best Secretary and Best Branch, won by the Fgura outlet.
The conference, attended by staff, associates and guests, was opened by chairman Frank Salt who, on the company's 40th anniversary, highlighted some of the achievements throughout the years.