The property market was extremely volatile in 2004, mainly due to a number of changes that the country went through during the year.

The managing director, Joseph Lupi, announced this during the annual general meeting of Frank Salt Real Estate Limited.

“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, mainly due to fiscal measures announced by the government,” Mr Lupi said.

He stated 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, were very well received by the company’s local and overseas clients.

Interest in investment property too 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 registered a marginal drop. “This was probably due to the increase in property prices,” said Mr Lupi. He urged government authorities and developers to include low cost housing in all their future plans. “Demand for one and two bedroom units is very strong and the 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 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 stabilizing to more realistic levels,” Mr Lupi said.

Mr Lupi 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 in all their dealings with clients. The company invested heavily during the year in staff training and development, in branch infrastructure and in IT.

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

An award was given for the 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 his appreciation to the staff for their contribution to the well being of the company.

The staff were invited to a reception at the end of the evening.