Issue link: https://maltatoday.uberflip.com/i/640308
maltatoday, SUNDAY, 14 FEBRUARY 2016 40 IAN and Ray, Senior Property Con- sultants, have been in the company for the last 11 and 8 years respec- tively; Conrad for the last 3 years. It is obvious that they love their job. They love to get to know people from different cultures and it is sat- isfying when one manages to find a property which their clients love and which eventually becomes their home. Ian told me "he would not like a job where he would be constantly sitting at a desk. This job gives him an opportunity to get out of the of- fice, be on the road, visit many differ- ent places and properties and meet new people. There is a good income to be earned if one is successful at the job, allowing one to sustain a family and live a good life", he said. Moreover, the business is attracting new recruits who are put through a 3-month training programme at their training branch in Balzan. Frank Salt Real Estate will be 47 years this year. From humble begin- nings it now has 14 branches around the islands, including one in Gozo, and soon opening another branch at L-Ibraġġ. "This is going to be a large office to reflect the growing interest in property around that area," Ray tells me. The San Ġwann, Sliema and Fgura offices are in the process of relocat- ing to larger properties while there are plans for opening two further branches in other localities in the near future. There is no doubt that Malta is currently experiencing a booming property market which is partly the reason for Frank Salt Real Estate's ambitious expansion plans. They boast of the largest property database on the islands which con- tains all kinds of properties – resi- dential, letting and commercial. I asked them what do they see as being the market trends in the in- dustry. Categorically they told me that currently the most popular properties are high rises and towers. There is not enough supply of these kind of properties. They are popular with foreigners and have become popular with the Maltese buyer as well, as people are becoming more adventurous on the type of property they seek. "Life in apartments has become much more attractive," they assured me. Another trend is that people are actually looking to invest in a prop- erty rather than other financial in- vestments or depositing money in a bank. People also invest in prop- erty as a supplement to their pen- sions to provide additional income for their retirement years. They all agreed that people seem to find property to be a safer investment as it has appreciated by an aver- age of 6%, some areas by as much as 10%. Properties in the harbour area, specifically Valletta and the Three Cities, have seen a sharp in- crease in value. They credit this to the investment made in the embel- lishment of these historical cities thus giving them more attractive residential potential. It helps that people feel they are buying a piece of history, they told me, when con- sidering that these houses are cen- turies old. Ray explains this in an interesting way. "If you put the point of a com- pass on the Sliema, St Julian's' area and start drawing circles, the price starts falling with each concentric circle that you draw away from that area. Of course this is a rough es- timate and there are locations that are getting more interest than oth- ers in different parts of the island." People no longer move into a place upon marriage and stay there throughout their lives. People now sell their houses three times or more throughout their lifetimes and this keeps the market alive. "And the market is really alive," they tell me, "sales are happening and people are putting their prop- erties on the market and satisfied that their properties are selling al- most immediately. Maltese people are changing properties and buying holiday homes. With tax incentives being given to businesses establish- ing themselves in Malta as well as attractive citizenship and residency programmes, a large number of foreigners are coming to work or relocate to Malta and looking for properties." This has also given a great boost to the rental market, as a large chunk of the overseas mar- ket are often interested to rent be- fore they eventually buy, to test the waters so to speak. In fact nowadays you find certain developments that are not for sale but only for rental. A lot of people are also buying on plan, particularly first time buyers. In fact, they said, whole buildings are sold on plan before construc- tion even starts. "Developers are practically putting their properties on the market as soon as they get a building permit," Ray says. Buy- ers have certain advantages with buying on plan, top of which is that they have an opportunity to insert their particular preferences as their apartment is being finished. They also tend to benefit from special prices. I ask them what are the dif- ferences between first time and second time buyers. Conrad ex- plains: "For a first time buyer this would almost certainly be the biggest investment they will ever make in their lives and are unsure of what they want. There- fore they need to see a number of properties before they can make up their mind with certain con- fidence. On the other hand, sec- ond time buyers are quite clear about what it is they are looking for and you can be more spe- cific on the kind of properties to show them. But both catego- ries of clients can be as diverse as each other… it all depends on the people's taste and the kind of lifestyle they want." "Unfortunately there is a short- age of properties, particularly for second time buyers," they agreed. "We need high end properties as the influx of foreigners has absorbed most of them. These include properties with such fea- tures as views, high furnishings, car-free zones, nice finishing and access to amenities in the neigh- bourhood." "Is this a seller's market?" I asked them. "Definitely, no doubt about it," they told me. "If a property is priced right and the seller doesn't over-value their property, it will sell in a very short time" says Ian. The cor- rect value to a property seems to be the recipe to selling one's property. "When we get sellers wanting to put their properties on the market, we take them to see similar properties on the market to show them what they are being sold for so they can come to a value for their prop- erty that makes it competitive on the current market," Ian adds. "But they need to test the market and if necessary bring down the price to increase interest and get a sale," they advised. These guys are a reflection of what Frank Salt Real Estate stands for. All sharing a very positive outlook for the coming year. There are a number of new developments that they are eager to introduce to their broad spec- trum of customers. The market is currently very active and they see the coming years to remain similarly dynamic with a high demand for property and stun- ning new developments coming on the market. The company is confident on taking on the new challenges and opportuni- ties. With so many branches ei- ther expanding or opening up, and with the positive growth of Malta's economy, the sky is the limit. Property Demand for high-rise and towers on the increase MaltaToday spoke to Ray Young, Conrad Muscat and Ian Laferla, about the property market and how Frank Salt, a leading real estate agency in Malta, is responding to the needs of its clients, both sellers and buyers Ian Laferla (centre), flanked by Ray Young (right) and Conrad Muscat (left) in front of Frank Salt's head office in Paceville, St Julians Ref: 032636 – A converted House of Character in Rabat - €1,500,000 A unique fully detached countryside FARMHOUSE located in the peaceful and tranquil surroundings of Landrijiet, limits of Rabat. This property is set over an area of circa 2000sqm, enjoys total privacy and extensive country views. The living quarters of this farmhouse is fully converted and enjoys a footprint of around 300sqm. Entering the property, a wide drive-way leads to the main entrance of the house which comprises of a welcoming hall, a very cosy sitting room, separate kitchen, dining room, 3 bedrooms (one of which has its own separate dressing room), 2 bathrooms, spare toilet and storage room. At first floor, one finds another 2 large rooms leading onto a very large terrace. These can be used as additional bedrooms, library or other living rooms. Complementing this farmhouse is a large swimming pool with an extensive deck and BBQ area, surrounding mature gardens, 3 wells and also a back-up generator. The garden and pool area are also accessible through an independent side gate which leads onto an open space and carport. Ref: 032674 – Converted House of Character in Mosta - €895,000 A well converted HOUSE OF CHARACTER situated right in the village core. The house is adorned with a large 110 sqm back garden, including a 30 sqm sized pool and a deck area; a rare feature for such houses in this picturesque village. A spacious hall, with high ceilings leads on to a formal dining room, a separate living room, a study area comprising a majestic staircase, a guest toilet, and a large kitchen and dining area. The kitchen leads onto the large garden and a pool area. On the other side of the garden is a pump room and gym. Upstairs consists of a main bathroom, 3 bedrooms (one with a walk-in wardrobe), and the main bedroom with a powder room and en-suite bathroom. The property has all the right qualities of a family home, right in the heart of this sought after village. Ref: 033123 – Finished Maisonette in Attard - €210,000 An elevated ground floor MAISONETTE situated close to all amenities. This homely property consists of a 50 sqm open plan, separate spacious kitchen, dining room, three double bedrooms (one of them with en suite), and a bathroom. A sizeable back yard, and another internal courtyard complete the maisonette. This is a well-priced property, having contemporary finishes and is immaculately kept. Ref: 033717 – Finished Maisonette in Balzan - €398,000 Situated in a prime area close to San Anton Gardens, comes this spacious ground floor MAISONETTE with a large garden as well as having ample space for a pool. Accommodation comprises a large hallway, with rooms on either side; three bedrooms, two bathrooms, a large combined lounge/dining room and a fully fitted kitchen/breakfast room leading onto a 167sqm garden. The property has beautiful Maltese patterned floor tiles, high ceilings and a front patio. Ref: 032636 Ref: 032674 Ref: 033123 Ref: 033717