Company turnover in 2016 exceeded €600 million
Re/Max to open six new offices in 2017
Re/Max Malta has registered another record year which saw the company turnover in 2016 hitting €600 million mark. Throughout 2016 Re/Max registered growth on all fronts and all areas of operation.
“Two thousand and sixteen has been a phenomenal year of growth which has exceeded all our expectations. We have registered growth in all sectors especially property rentals, where the increase is just short of 40% and buy to rent which saw a marked increase in the past financial year. This is mainly due to a bolstering economy which saw an increase in the supply and demand for quality properties, especially in the lifestyle developments sector,” commented Kevin Buttigieg, managing director of Re/max Malta.
“This is by far the best year ever in our 12 years of operation. During the past year we have seen a marked improvement in the service and consultancy being offered by our sales and letting associates, which is the fruit of our continuous investment and coaching of our human resources. We have introduced property auctions inaugurated 4 branches and employed close to 100 new sales associates and administration staff. Today, with a staff complement of 400 people spread in 22 offices we have continued to consolidate our position as the largest real estate agency in Malta. In 2017 we will also be travelling to different continents including the Middle East, Europe and the United States to promote the various residency and investment schemes offered by the government as well as Malta as destination for holiday homes, added Mr Buttigieg. ”
Commenting on 2017, Mr Buttigieg said that “Re/Max Malta is looking forward to 2017 as it promises to be another positive year. In 2017 we will continue to enhance our growth path with the opening of 6 new branches in Swieqi, Msida, Marsascala, Mellieha, Qawra and Gozo. In Msida we will have the first and largest fully fledged commercial property branch which will be focusing on the needs of the commercial sector. This is a sector which has experienced rapid growth in the past years and is expected continue to grow in 2017. Supply for commercial real estate has been greatly lacking but is now being addressed and a number of developers will be bringing to the market a cross section of high-end and mid-tier commercial property in 2017.”
Speaking about the local property market Mr Buttigieg said that “the local market has retained its position as a pillar of our economy. It is still very solid with over 75% of real estate sales coming from the local investment especially first time buyers. This year we are expecting another exciting year as a result of the robust economy. Given the various government investment schemes letting, buy to let and upgrading of property are expected to dominate the personal property market while a demand for superior developments will be the mainstay of the commercial property market. However, what is definitely going to drive the property market in 2017 is good design and quality real estate. This is a trend which started in the past years and will continue for the years to come.”
Article has been reproduced from the Sunday Times of Malta