15% increase in sales force and 38% increase in sales turnover for Frank Salt Real Estate in 2013.
2014 expected to be one of the company’s best years.
Frank Salt Real Estate registered growth throughout all its operations during 2013, notably an overall increase of 38% in sales turnover and an increase of 28% in letting. Activity in the commercial property sector has also been very promising with increasing interest in office space, particularly from overseas.
This was announced at the Annual General Conference held by Frank Salt Real Estate at the Hilton Hotel earlier March, during which the directors updated its sales consultants and stakeholders on the Company’s performance during 2013 and also put forward its objectives for 2014 – in line with the 5 year plan announced by the company late last year – which will see the company gradually augment its staff complement, both in terms of property consultants and support staff, to record levels.
In his speech, Joseph Lupi, Managing Director, confirmed a positive growth in business activity, particularly in the latter six months of 2013 with buyer confidence returning to the market. A good indication of this is the increase of 49% in active buyers and 31% in letting clients over 2012. Sales to foreigners amounted to 45% of the Company’s total sales with an increase in interest by foreigners looking at taking up residence. Taking a closer look at the local market, there was a very positive increase in market share for second time buyers, also thanks to the current scheme being offered to this market, which puts together an excellent portfolio of good value properties sought by these clients, and added value provided by the company through cash vouchers and furniture discounts. The Second Time Buyer scheme is available till June 2014, with a similar scheme for First Time Buyers expected to be launched in the coming weeks.
The buy to let and commercial property market shares also registered a very positive increase, with the former amounting to a considerable percentage of total sales for 2013.
In 2013 the company increased the number of new consultants by 15%. This is also thanks to the introduction of new remuneration packages and a number of initiatives aimed to attract new property consultants to join the team. The company is also seeking new offices in Sliema, San Gwann and Fgura.
Due to the expected increase in demand, both for properties for sale and property to let, and the drop in supply of good value properties, a call was also launched to owners and landlords of properties to register these on the company’s books. “Frank Salt Real Estate enjoys an excellent reputation throughout the industry, be it developers, property owners and local and foreign clients. Coupled with the company’s ongoing marketing efforts and forward thinking approach, we expect 2014 to be an excellent year and we want to be fully prepared for this. We are looking for properties that offer good value, in terms of price, location and potential”, stated Joseph Lupi.
The evening also saw the presentation of the Annual Awards to the top performing consultants and staff members. Amongst others, the Mellieha branch, was awarded as Best Branch for the year, whilst Julian Caruana and Ludwig Farrugia were conferred as Best Sales Consultant and Best Lettings Consultant for 2013 respectively.
“We strongly believe in our people” stated Frank Salt, Company Chairman. “Frank Salt Real Estate is today a household brand that is synonymous with quality real estate consultancy. We pride ourselves of always putting the client first, and one way of doing so is by employing a team of reliable and dedicated consultants and by always being proactive and keeping abreast with market trends and the opportunities that the local and foreign environment present. We’re now looking forward to even more exciting times.”
“This year is going to be one of our best years” added Joseph Lupi in his closing statement. “The incentives introduced by the Government for first time buyers, new residency scheme, reduction in tax on rentals as well as less restrictions on developers, coupled with the fact that most countries are recovering from adverse market conditions, augurs well for a healthy property market”.