As Malta’s busy real estate industry prepares for 2023, QuickLets and Zanzi Homes (QLZH) Group Co-Founder Michael Mercieca shares his insights on the sector’s outlook – and the property trends that will define it – in the year ahead.

Launched in 2014, the QLZH Group may have begun as a ‘one-man-band’ but it would quickly transform into Malta’s largest brokerage. Together with his brother Steve Mercieca, Co-Founder Michael Mercieca is part of the Group’s core management team, formulating its strategy and leading its daily finance function.

Here, he channels his own extensive experience in the professional services and real estate sectors. “Over the years I have watched and learnt first-hand from the successes of others,” he recalls. “I truly believe that with the right application anyone can reach their goals in their career, with the key drivers being a rigorous work ethic and consistency in the daily activities required to hit milestones.”

It is an ethos that translates into the core values that have been the foundation of the QuickLets and Zanzi Homes success story, Mercieca highlights. “The business stands on three key pillars: innovation, purpose and culture. Innovation means always seeking the most creative and advanced way of doing something, while we have built our purpose and culture upon the belief that what we do is not just a money-making activity – it is creating a meaningful lifestyle for our team and contributing to society. These pillars form part of our DNA and occur naturally within the Group.”

With these firm values in place, the QLZH Group – in which Zanzi Homes is the Group’s specialised brand focusing on the sale of real estate in Malta, QuickLets is Malta’s largest letting agency – has helped steer the local property sector as it has grown, and QLC offering commercial property for sale or rent, where they strive to provide the clients with the best possible experience when starting up or relocating a business in Malta.

“The Maltese real estate industry has developed well since the Group launched. It has continued to offer a high standard of service to property owners and clients alike, across a multitude of firms,” Mercieca says.

“The united drive across the industry to attract foreign investment to Malta has been successful and is still ongoing,” he continues, while highlighting the Group’s contribution by creating a large, multi-cultural team across its franchise network of business owners, while assisting tens of thousands of people in their relocation to Malta.

As the island’s property sector prepares to wrap up 2022, he reveals what he believes is the most important lesson it has learnt this year. “Over the last couple of years – not just 2022 – the sector has recognised the importance of not taking anything for granted. We must continue to develop our product to a standard of excellence,” he says. “Meanwhile, our ability to attract foreign investment has to grow too, so we must keep an eye on the quality of life that Malta offers, as well as other competitive jurisdictions and cost-effectiveness.”

The road ahead for Maltese real estate still holds significant challenges, he goes on. “Although heavily correlated, the sector faces two distinct tests: on one side from the construction angle and, from the other, key challenges to the functions supporting the property industry itself, such as lack of human resources – an issue affecting many industries in Malta. This impacts the property industry, as it affects related professions and key processes, such as the speed in which Promise of Sales are converted to Final Deeds. It may also affect the number of people considering a career in the real estate business.”

Nevertheless, Mercieca acknowledges that even though internationally there are turbulences times, the outlook is positive throughout 2023 for the local property market, particularly in comparison to its international counterparts. “The best thing about the local market is that Malta’s general economy remains strong, while the island is an attractive destination with high demand for rental properties from expatriates looking to relocate,” he shares.

“From a sales perspective, we believe that demand by local first-time buyers as well as investors looking for a decent and safe return on their real estate investments should remain high. We can also expect rental and sales demand to even out after a spurt of demand in the immediate post-pandemic period, while the portion of locals that rent rather than buy property will increase, further spurring the rental market. My view is that there is much to be positive about in the sector today – and these positive results and new opportunities will continue into 2023.”

Capitalising on these opportunities, the next 12 months holds even more growth for QLZH, concludes Mercieca. “As a Group, we will keep building our training programme and growing our team, so that we can serve more property owners and clients. We plan to continue our drive to put Malta on the map as part of our international expansion and we expect developments in this space in the year to come.”

For more information about the QLZH Group, visit www.ql.mt, for QuickLets, www.zh.mt for Zanzi Homes and www.qlc.com.mt for QLC.