Last February, Island Properties was invited to attend a networking event for real estate agents at the Hilton’s Spinola Suite, organised by HSBC.
HSBC’s Head of Retail Banking and Wealth Management, Daniel Robinson, stated that HSBC will continue to offer its continuous support to Malta’s real estate market by providing a competitive range of home loans. It was also stated that HSBC will extend its current offers as well as reduce, and in some cases, completely remove home loan fees.
Mr. Robinson also stated that HSBC will persist in treating compliance and credit quality as their priorities. This will be done in order to continue to improve the processes used by customers. HSBC strive to provide a flawless and simplified service and an excellent product range to clients who are processing home loans.
At this event, economist Dr Gordon Cordina gave a presentation about “The Outlook for the Residential Property Market in Malta.” In this, he stated that residential attractiveness is needed to avoid a bubble in the market. Dr Cordina presented market statistics which supported the current confidence in the local property market but it also included potential warning signs that need to be controlled to ensure that the market doesn’t experience a downturn. He stated that although the risk of market implosion is low, economic competitiveness must be sustained-especially when regarding immigration. Also, to maintain the current economic growth, Malta should be presented as a cosmopolitan regional hub with residential attractiveness.
Population growth was seen to be one of the main influencers economic activity and the property demand. However, although housing development is at a peak, it is contained relative to population growth.
After this, a discussion session was held between Dr Cordina, Mr Robinson and the estate agents. Following this, a reception was held where attendees were given the opportunities to talk with the speakers as well as HSBC’s home loan specialists.