As Malta’s rental market booms, the two newly appointed letting managers at Frank Salt Real Estate and the letting division manager tell Juan Ameen about their experience in the industry, its ever-changing trends and why a buy-to-let property is an excellent long-term investment.
Neil Gatt Coleiro and Andrew Tabone are not new to the field of real estate. With more than 20 years of experience between them, they started as agents but now run their own offices.
Excited about their new roles on the letting management team, Neil and Andrew have turned their focus on growing their teams and increasing their client base while providing top-notch customer service.
“My main aim is to grow the team even further with energetic and organised people looking to earn some serious money. As we get numerous clients looking to rent daily, I make sure they are given the best possible service required,” Andrew, who runs the Spinola office, says.
Similarly, Neil, who heads the St Julian’s office, says his focus is to support his colleagues to help them perform as a team to the best of their abilities.
In addition, their positions come with the responsibility of maintaining the standard, trust and reputation that Frank Salt Real Estate has built over the years.
“From day one, I have always felt best equipped and informed to deliver the best service possible, thanks to the continuous training and support provided at Frank Salt Real Estate. Working with this company means representing a trusted, reputable and long-established brand, which gives us a head start in the industry,” Neil says.
“Frank Salt Real Estate’s reputation and strive for excellent service are two of the main factors why I love this company. There is also a family vibe among all my colleagues, making the workplace a very comfortable space,” Andrew adds.
Both men have seen a rising trend in the local rental market, thanks to foreign companies setting up in Malta and expatriates looking for a country with tax benefits, great weather and international investment.
“In this past decade working in the real estate sector, I have seen the market going from strength to strength. When I had first joined the company, the rental market was already competitive. However, in these past few years the demand for rent has risen drastically among expatriates moving to Malta, making the buy-to-let market an ideal investment,” Andrew says.
Neil agrees. “People and families from all over the world continue to choose Malta as their long-term home for various reasons, so supply always seems to be outweighed by demand”.
This increase in demand led to many Maltese identifying a good investment opportunity and investing their savings in a rental property to give them a good return.
Similarly, Frank Salt Real Estate letting division manager Philippa Tabone pointed out that, regardless of the market changes, throughout the years, the demand for high-quality, one-or-two-bedroom properties in Sliema, St Julian’s, Gzira, Msida and Swieqi remains high.“
There was a slowdown in the buy-to-let area as people feared that things changed, as we had a short slowdown during the pandemic. Things have bounced back big time since.”
With more than ten years of experience as a letting manager behind her, Philippa is confident that Malta’s rental market would only continue to grow, especially if future developments were carefully planned and reflected more of what the renter is looking for.
In fact, she encourages anyone looking to buy a property as a rental investment to lean towards a small rental property as they are the most sought after.
“The truth is, if you buy well (good location, fair price and maintain the property) you are guaranteed to have a good return on your investment as well as a decent increase in capital investment.”