Recently, Frank Salt Real Estate Ltd. celebrated their 40th anniversary of operation which has seen significant and far reaching changes in the way the industry evolved. Gerald Fenech speaks to the company’s Managing Director Joseph Lupi on how the company grew through thick and thin to the position it now holds today.

Frank Salt Real Estate has definitely come a long way over the years from a small property agency in the boom time of the late 1960’s to the fully fledged company it is today with numerous offices dotted all over the island and catering for practically any type of customer. So what has been the journey over the past four decades?

“Forty years ago, the real estate market was in its infancy and it was quite risky to open a property company in those days. However we have never really looked back and ever since joining the company thirty years ago I have always seen expansion since we started off with a small office and four employees which has now expanded into over 70 employees and ten regional offices. The company has grown because we have always looked ahead and have always put the needs of the client as our number one priority. We always offered a wide range of services ever since our inception and have dealt with practically all sectors of the market be it residential, commercial and also letting which happens to be one of our strongest divisions within the organization.  Recently we also introduced an after sales service which assists clients in the furnishing of their properties and which has been very well received. We also have a number of association agreements both with local and with a number of foreign companies due to our established reputation which has been cemented over our years of operation and we are continually looking forward with confidence and anticipation”.

What are the challenges facing the real estate market today and with all your experience in the field, how are you facing up to these challenges?

“If we had to look at what the market was twenty years ago, today’s figures would have shown a booming market. Admittedly, the market is a bit on the slow side but the real estate sector has always passed through change and one has to adapt to such change. It has been an uphill struggle over the years but this has actually made us strong and probably the best real estate company on the island. One of the areas in which we are very strong is the foreign market and we tapped that market considerably over the years. At a later stage we were also actively involved in promoting Malta as a residential and tourist market. For years we have been highlighting the fact that Malta is not being promoted as much as needs be in the overseas market so there needs to be that extra effort in the awareness sector. Malta has a substantial number of high quality properties which can compete with those in any destination so we really need to make the country more well known especially in these not so easy times”.

Frank Salt Real Estate has now also moved on, in the sense that the company has been passed over to Frank Salt’s sons Douglas and Graham. How has this transition been made and how has this affected the continued development of the group?

“I joined the company thirty years ago before which I used to work at the then Barclays Bank Limited. After some pressure by Frank, I decided to join as an office manager then moved on to a director of the company and eventually Managing Director so throughout these years I have seen substantial changes and expansion within the company. About fifteen years ago, Frank’s children joined the business and grew in it working their way up from sales to the top and a few years back, Frank transferred the shares of the company to his three children, Douglas, Graham and Alison with the former two having their own sections and running them separately. The company has constantly strived to keep the customer as its central focus and that has made us successful and always at the forefront of things. We harp a lot on the quality of our staff and the company has also invested a lot on training the staff to the highest standards. Frank Salt Real Estate Limited has also been internationally recognized when we won three prestigious awards, in three consecutive years as Best Real Estate Agents in Malta, amongst which was a nomination for the Best Real Estate Agency worldwide which was quite an achievement”.

The real estate market has continued to change constantly with new developments which are consistently setting standards. However has the market reached a level of over supply?

“Basically a lot of property which is empty is due to the fact that its owners wish to leave it empty as it is an investment and in Malta, property always appreciates in the long term. We have also obviously been hit by the global recession which has lessened enquiries from the foreign market but on the other hand, property has reached a level where almost everything is very realistically priced. Market conditions are extremely good with low prices, low interest rates and a buoyant rental market. We are also seeing indications that the market is picking up again with sales on the increase and in the first part of the year we also saw a substantial increase in the number of first time buyers who came into the market. I do believe that by the end of the year there will be a substantial turnaround in the market which may not be at the levels of 2-3 years ago but will be quite good nonetheless”.

The overseas property market is another area where Frank Salt has expanded considerably. What made you take this step and how has this developed?

“Around 2-3 years ago we decided to start acting as agents for the sale of property in foreign countries and this was met with substantial interest from local buyers. We started off in Tuscany where we were appointed exclusive agents by some Maltese developers in a project which was a huge success with practically all the units sold. Last year we ventured into Sicily and were actually surprised by the substantial number of Maltese buyers in this country which project was also a huge success. There are substantial opportunities for investment in Sicily and the easy accessibility is also a factor where the market has substantial potential to grow”.

As a conclusive comment what is Frank Salt’s philosophy for the future and what are the plans for the next forty years?

“Today developers are continually looking at up market projects and we continue to work with them to attract foreign investment to the island through our expertise. We will continue to expand into foreign countries apart from Sicily and Tuscany but primarily it is business as usual with the customer, both local and foreign, always kept in focus and also given priority – a philosophy which we will always retain. Over the past forty years we have had lots of challenges and difficulties but we have always faced up to these challenges to the best of our abilities. Running an estate agency of this size is not at all easy but we have persevered and our service which has been established over the years has made Frank Salt what it is today and we will continue building on that in the future”.