31 August 2005

The Web

Residential property letting on the increase

Frank Salt Real Estate Limited have reported substantial growth in residential long lets during the 6 month period between January and June 2005 over the previous 6 months.
“Long Lets have have increased by 60% during the period while holiday lettings have remained the same as last year”, said Letting Manager, Brian Decesare.
Although letting by local clients was reported to have increased during the last 6 months, mostly in areas in the South and North of the island, the majority of lets were made to foreign clients who took up employment or residency in Malta or Gozo.
“We had a good number of expatriates working with local Banks, Embassies, Betting Companies, Film Production Companies, Government Departments and Foreign Companies operating in Malta, as well as a number of retirees who intend to take up residence”, said Decesare.
The Gozo branch has also reported very good holiday letting during the last 3 months particularly farmhouses, which are highly sought after both by local and foreign holidaymakers. Residential long lets have doubled in Gozo during the last 6 months.
In view of present growth in the market and the expected demand following the anticipated rental reforms, the Company, in addition to its office in St. Julians, St. Paul’s Bay and Gozo has set up another letting department within its Sliema Branch located in Dingli Street.
“The need for such a department in such a strategic location where demand for up market property is quite high has been felt for quite some time. We expect this office to be extremely busy”. said Managing Director Joseph Lupi. The letting division at the Sliema Branch will be run by Massimo Coleiro who may be contacted on telephone (+356) 2133 3858/2132 0023 or sliema@franksalt.com.mt

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