Frank Salt looking forward to another bright, successful year

Frank Salt (Real Estate) Limited announced an exceptional year in sales and company growth in 2003. This was revealed by managing director Joseph Lupi during last week's annual general meeting, held at the Victoria Hotel.

The meeting was first addressed by chairman, Frank Salt, who emphasised the importance of teamwork and loyalty to clients.

Mr Lupi analysed the property market during the year, explaining how active it was due to excess liquidity of funds in the market, investor confidence, as well as an influx of foreign buyers in view of Malta's accession in the EU. Increasing interest was registered in investment and commercial property. New developments featured highly in the type of property sold during the year.

Mr Lupi congratulated all the staff for their excellent performance and dedication throughout the year and for exceeding their sales targets. The company has increased its market share in various sectors of the property market, especially in the foreign market.

Mr Lupi thanked the staff for retaining the high standard of service for which the company is renowned. "The principles, based on honesty, professionalism and strict ethical conduct throughout our dealings, where the client comes first, have been the hallmark of our organisation since its inception," Mr Lupi said.

During 2003, marketing activities were intensified with the launch of the new Website and a number of campaigns were undertaken.

The company also substantially increased its awareness in the UK by hosting a number of UK journalists who featured numerous articles in UK papers and magazines, participated in two UK television programmes and attended eight overseas property exhibitions. "Our marketing strategy will continue to improve to help us meet the challenges for the coming year," Mr Lupi added.

The company also signed association agreements with a number of leading UK agents who have contributed in bringing a substantial number of clients to Malta on inspection visits.

"Unfortunately some of our clients went back without buying, feeling that the property was too expensive; we have to be careful that we do not outprice ourselves in the market," insisted Mr Lupi.

The company considerably increased its compliment of sales consultants during 2003. Frank Salt (Real Estate) will continue to expand, primarily by strengthening its sales structure by recruiting more sales staff during this year to meet the ever increasing amount of enquiries received at all branches. More courses are scheduled for this year, including courses for new recruits and secretarial courses. Investment in the organisation infrastructure and in IT is also planned for the current year.

The company projects that the market in 2004 will remain very active and investment will increase, especially after Malta becomes an EU member on May 1. With the introduction of low cost flights to Malta and the removal of sanctions against Libya, the foreign market should remain active. Prices should stabilise towards the middle of the year. New developments are earmarked to come on the market during the year.

"This increase in the supply of property on the market will help stabilise the market and meet the prevailing local and foreign demand. Unfortunately, during last year we experienced a shortage in the supply of property. With the amount of investment which is channelled into bringing in more business, the property stock is of paramount importance," Mr Lupi said.

Awards were given to the Best Performing Branch, which was won by the St Julian's office, and Best Performance of the year was won by Marisa Camilleri, the prize being a trip for two plus spending money.

"We are looking forward to another successful year with enthusiasm and commitment, notwithstanding the challenges coming our way," Mr Lupi concluded. Staff were treated to a reception at the end of the evening.