The property market was extremely volatile during 2004 mainly due to a number of changes which the country experienced during the year. This was announced during the annual general meeting of Frank Salt Real Estate Limited by the managing director, Joseph Lupi. “We 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 some prices actually coming down to more realistic levels. Property sales dropped during the last quarter during the last quarter, mainly due to fiscal measures announced by the government,” Mr Lupi said.

He 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.

During the year, the company introduced a number of new value added services to clients focusing on a more personalised service. These services, particularly the After-sales Consultancy Services, have been very well received by the company’s local and overseas clients.

Interest in investment property also remained quite high during the year. This has led the company to set up a new investment property unit within its organisation.

Sales to first time buyers have registered a marginal drop. “This was probably due to the increase in property prices” said Mr Lupi and urged government authorities as well as developers to include low cost housing in all their future plans. “Demand for one and two bedroomed units is very strong and the government, through MEPA and 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 to more realistic levels,” continued Mr Lupi.

He congratulated the staff for their excellent performance and dedication throughout the year. 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 during the year invested heavily in staff training and development, in branch infrastructure as well as IT.

Mr Lupi also announced company plans and objectives for the coming year, including the opening of a new branch office.

Awards were given out to members of the staff for achievement. The St Paul’s Bay Branch was awarded the Best Performing Branch award.

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