RE/MAX Malta’s Lettings team has reported steadily-increasing growth over the past year, recording a 27 per cent increase in lettings market revenue in 2017 and continued success in the first quarter of 2018.
This progress is the latest accolade for the lettings department, which last year also celebrated the launch of a new website dedicated solely to lettings in Malta and Gozo. “The ongoing success story and steady upward trajectory that is being maintained by the RE/MAX Malta Lettings team is one that we are particularly proud of,” says RE/MAX Malta COO Jeff Buttigieg.
“RE/MAX Lettings already employs 40 agents, including a manager and assistant manager, but the major demand from the market has inspired the addition of more lettings branches in the north and south of the island, and the plan to increase our team to 50 agents over the course of the year. We will also be opening a second, specialised lettings office in Sliema, which will house eight agents specifically.”
As well as the continuous hard work and dedication of the agents, the department’s expansion is also partly due to rising property prices that have influenced a growing number of local residents to opt to rent instead of purchase, adding to the demand for rental residential properties on the Maltese market.
Rising commercial property rentals have also contributed to the growth, due to the influx of new companies that are relocating to Malta, including major British and international gaming organisations and cryptocurrency exchange businesses. Beyond viewing Malta as the ideal Mediterranean business hub, these organisations are further attracted by the island’s warm climate, the English-speaking workforce and the comfortable lifestyle it offers to their employees, as well as the local availability of new university training courses in the gaming sector and other speciality niche industries.
“Companies find Malta fiscally solid and the ideal location within Europe to which they can relocate, thanks to the business-oriented infrastructure, typically warm Mediterranean weather and widespread local fluency in English,” noted RE/MAX Regional Letting Manager Edward Agius. “The up-to-date and specialised staff-training opportunities available, particularly the iGaming focused course recently launched at MCAST by the iGaming Academy and the European Gaming Institute of Malta, also ensures that the level of knowledge of the local and international workforce is very high in many aspects.”
As well as collaborating on these specialised training courses, RE/MAX Malta is also eager to find solutions as to the lettings market may be regulated, and how to offer support to local residents who cannot afford to rent property, without capping rental prices.
“We do believe that something needs to be done to regulate the lettings market and are pleased the government is considering this,” Mr Buttigieg continues. “However, while we feel it is important to regulate things from the services perspective, we do not believe in capping prices. Our research shows that, if prices are capped, a number of owners will leave the market – and this will quickly lead to a shortage of rental properties, followed by numerous knock-on negative impacts including putting off potential new investors. The correct solution should be found for locals that can’t afford to rent, while also taking invested parties and other stakeholders. We look forward to discussing this directly with the Government,” he adds.