Frank Salt gives his views on the current property market and praises the professionalism of a new development at Ta’ l-Ibrag
The property market in Malta is split in two, according to Frank Salt, chairman of Frank Salt Real Estate. “We have two markets in Malta,” he affirmed. “We have the ordinary, everyday, healthy local market and we have the upper end of the market.
“This caters for the Maltese who have, maybe, a bit of extra cash and want to invest in property, and foreign buyers.”
Turning to the Highgrove development in Ta’ l-Ibrag, that was officially launched on the market last week by Casvel Ltd, Mr Salt said: “This particular development falls very neatly in the first category, although it is good enough to also sell to some foreign buyers.
“I would say that it has been very cleverly done because it is fitting into both sides and, therefore, I suppose having a better chance of selling quickly than if it stuck in just one category.”
Highgrove consists of 69 three-bedroom maisonettes, apartments and two/three bedroom penthouses with views of Swieqi valley, Sliema and St Julian’s in the distance and the sea.
Mr Salt pointed out that big houses in good residential areas like Swieqi, Ta l-Ibrag, Balzan and Attard are being knocked down and replaced with quality apartment blocks. These developments are all of a better quality than was put up in the past.
“Architecturally, they are better looking,” he said. “They are better finished, they seem to have a much more quality look about them and this (Highgrove) again is one of those types of new developments: bigger than most, but location is excellent. And it should fit in nicely with the type of things that we are having in the quality areas in Malta in the future.”
Mr Salt was full of praise for the developers’ professional approach to the project, who commissioned a consumer study to assess the demand and the type of market the development would appeal to: “We are finding that the developers now do a lot more than they used to do. For example, they have much more careful planning regarding accommodation and the needs of the purchaser.
“Secondly, they normally make a decent brochure; thirdly, they have nice visuals outside the development to show prospective buyers what it is going to look like, which never happened before. And, of course, they utilise the services of estate agents to get advice as to what is selling in the market. These are the little things which, I would say, you could put down to much more professionalism than there was before.”
Mr Salt believes that this is producing results. “The Maltese like buying new things rather than second hand. So, to get the Maltese to buy your brand new property as opposed to other people’s brand new properties, you have got to make sure that yours are looking better than your competitors’.”
He believes the Highgrove development incorporates a certain lifestyle and meets the living expectations of local buyers. “They have incorporated, among other things, elements which I think buyers want: decent car parking, security, decent common areas, and outside areas looking pretty good and neat, with a modern type of plastering.
“They have made sure that the outside is made of quality materials, which means that it is not going to look shabby after just a few years. Apart from anything else, the pricing is good. They have done a brochure in a specific way to attract a certain type of quality residents, youngsters mainly.
“They are going for the young professionals, I can see, which is good, and the plans which they have made have incorporated the needs of the young family with children, which is very nice. This is now happening more and more often and can only be encouraged.”
Mr Salt also had praise for Casvel Ltd: “The developers, in my opinion and from my experience, are very reliable. The sort of products, which they have built in the past, have always been of a very good standard, and they are getting better, which is good.
“Paul Vella of Hal Mann together with George Cassar and his team, of Trusted Ltd, have always produced good quality developments. They never ever produced low quality stuff; it is in their nature. Looking at the plans, it is important to point out that they have incorporated box rooms, drying areas – they have done a good job.
“Obviously you have some units that are better than others, because of the shape of the site, but that is reflected in the prices as well. So, they have done very well. These will definitely sell to first- or second-time buyers; also, possibly, to foreigners who want properties in this sort of price range.”