Frank Salt Real Estate sees what it describes as “very good prospects” for the property market, in the second half of the year and 2011, company director Douglas Salt confirmed at the company’s recent Annual General Conference.

Despite the ongoing global financial crisis, Frank Salt Real Estate Ltd still registered a good year across most of its operations and sees great opportunities for buyers during 2010, particularly when it comes to 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 fall in demand from overseas buyers, mostly from the UK – Malta’s largest market.

However, a considerable improvement was registered in the second half of the year, particularly in the last three months, and the first three months of 2010. As expected, this fall in demand from the British market was mostly attributed to the adverse housing market in the UK, plus the fall in the value of sterling against the euro. The company, however, took several countermeasures, particularly thanks to its investment in a number of new markets.

In his speech, managing director Joseph Lupi confirmed that the local market had stabilised, with a positive increase over 2008 figures. This was attributed mainly to favourable home loan interest rates, the extensive choice of great value properties and the increasing demand for buy-to-let properties. The company had registered a marginal improvement in sales to second-time buyers, although the average value of properties sold was lower, with prices having adjusted themselves to reflect current market conditions.

Throughout 2009, the company had concentrated on consolidating its existing team of property consultants, while it also undertook an exercise to engage 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. Apart from augmenting its team of letting consultants, the company initiated a campaign to register more letting properties and to create a greater awareness of the value of purchasing a buy-to-let property. Activity in the commercial property sector had also been very promising, with increasing interest in office space, particularly from overseas.

Mr Lupi announced the appointment of Joseph G. Pace as commercial manager, as well as the opening of a new office in Sliema to house the company’s letting and commercial property divisions.

Details of the company’s marketing plan for 2010 were also announced. There are a number of initiatives targeting the foreign market, which is showing signs of recovery, including participation in overseas property fairs throughout the year and other activities to be undertaken with the company’s overseas associates.

“I believe that the first-time buyer is still going to play a very important role during this year and this augurs well for the second-time buyer market, as this will move as a consequence,” Mr Salt added.

“We can also see an increasing interest from overseas buyers, as most countries are recovering from the global financial crisis. Judging by the results of the first quarter of this year,, which show substantial increases in sales and lettings, I believe 2010 promises to be a very good year.

“2010 is also seeing a healthy increase in demand for commercial office and shop space. This augurs very well not only for the property market, but for the Maltese economy as a whole.”

During the conference, awards were handed out for Best Sales and Letting Consultants 2009, Best Employee 2009, Best Secretary 2009 and Best Branch – which was won by the Fgura Branch.