Tag Archives: Malta

The ins and outs of property auctioneering

Malta Property Auctioneers specialises in the sale by auction of unique and distinguished properties offered on behalf of sellers who prefer a date-certain sale to a lengthy sale process filled with market uncertainties. Auctions are implemented with the highest degree of professionalism at the local, national and global level. Malta Property Auctioneers only offers properties which are in demand – paying close attention to luxury and unique properties.
Malta Property Auctioneers, founded on an extensive portfolio of experience in real estate, is the only property auction firm in Malta. The firm’s experience is not based on traditional brokerage methods alone. We have highly trained staff that is knowledgeable about the advantages the auction method brings about while having vast experience in real estate trends in Malta and access to modern marketing tools. Working towards their 36th property auction, Malta Property Auctioneers has set the tone for this specialized method of transferring property at a faster pace.

Malta Property Auctioneers does not conduct ‘distressed’ auctions only. The firm does, however, offer exceptional purchasing opportunities to qualified buyers. Every transaction is a fair, speedy and uncomplicated process. In fact, many of our clients favour auctions for acquiring assets for various reasons, some reasons being:

• The expeditious sale process auctions guarantee. The process often lasts less than 90 days from POS to contract.
• The clearly defined parameters for the date of sale, terms and conditions of sale, offered by Malta Property Auctioneers.
• Our elimination of contingencies and prolonged negotiations
• The access Malta Property Auctioneers provides to serious, qualified buyers on a local, national and global level.

Auction vendors cannot change their mind at the last minute if the reserve price is met.
There are several other benefits to using the auction process. We realize that some people may have their doubts about the procedures and general terminology about the auction, so we have tried to answer some of the most frequently asked questions here.

Why is the property up for auction?

Sellers are motivated to sell by auction for many plausible reasons. The number one reason a seller chooses to offer their property at auction is that it promises a quick sale. There are times when people relocate or purchase a larger or smaller property and do not want to have to pay two bank loans while waiting for the real estate agent to produce an offer. Many times, the property is an inheritance and the heirs just want to cash out and go their separate ways. There are also times when the true value of the property is difficult to evaluate even by the most experienced of agents and the only way to really find out what the property is worth, is to put it up for auction and let the buyers express what they are willing to pay.

What can potential bidders learn about auction properties before bidding?
All properties that go under the hammer are advertised regularly through various mediums, including local newspapers, magazines and online websites. One can also register online to receive regular updates as well as auction catalogues 30 days prior to each auction. These allow people to determine in advance which properties they wish to view and to get an idea of the maximum price they may be willing to pay. Naturally, if there is a property that interests you, you may call the company and make an appointment for a viewing. Sometimes, open houses are held so potential bidders can walk through the properties well ahead of bidding. Typically, pre-auction offers are accepted, meaning that the sale could actually go ahead before auction day provided that the offer is accepted by the vendor. The auctioneer usually conducts preliminary searches on the property and will have information packs available on request. A blank promise of sale, with the details of the property itself, is also included. If one wishes to make a property survey or have an architect inspect a property prior to the auction, this is permitted at an additional cost.

Is there a ‘reserve’?
Yes, almost all the properties on auction have a set reserve price. A reserve price is a price below which the lot may not be sold. The auctioneer has the right to sell the property at the reserve price or above. The reserve price is established between the auctioneers and the vendor and it is kept confidential.

The property I was bidding for didn’t reach its reserve price. What will happen to it now?
If the property doesn’t reach the reserve price, it will not be sold under the hammer. However, if you are interested in the property, we advise you to speak to the auctioneer following the auction and submit your best offer. We try to make sure our vendors are contactable on the night of the auction and, if you come to a compromise on the price, it will be possible to sign a promise of sale.

I have a property to sell, what expenses am I responsible for?
Like with all property sales in Malta, the only expense you are responsible for – besides property tax – is a pre-set commission on the sale of the property. If the property is not sold, then no commission is due. The auctioneer carries the expense of all the marketing and advertising, as well as the notarial fees for drawing up the pre-required paperwork.

What factors determine the success of an auction?
1. The desirability of the property being sold. This includes elements such as location, property type, state of condition, surrounding properties and available outdoor space.
2. An attractive guide price which will attract potential purchasers to view the property.
3. Realistic expectations on the part of the seller.
4. Selecting an experienced auctioneer with vast experience in the local market.
5. Conducting the auction in a professional manner and following up until the closing stage.
6. An assertive marketing and advertising plan geared to prospective purchasers.

Property on auction in the words of Pierre Faure

The traditional way of searching multiple real estate listings online and working with many different real estate agents can be time wasting, tedious and nerve-racking – which in turn, could lead a person into making hasty decisions. A new channel for acquiring property has been gaining popularity rapidly in Malta – auctions! – Auctions are a more transparent process through which a potential purchaser can view properties at their true market value. Malta property auctioneers is the first and only auction house in Malta and Gozo which offers the personalized service you deserve. “On auction, as the hammer falls, you can find yourself walking away with an amazing deal! A property listed on an open agency can easily be sold for up to 30% less than its original listing price. We spend a lot of time and energy on singling out vendors who are ready to sell their property at a reasonable price and sometimes, even at a reduced price given that the property is sold within a short period of time.

There are a number of reasons why a person might wish to sell their property quickly. Bank repossessions, marriage disputes, family feuds and inheritance are all possible causes but some vendors are simply individuals seeking to sell their property at true market value and do not want to have their property on the market for years on end. These are the kinds of vendors Malta Property Auctioneers seeks out in order to offer its clients unique investment opportunities and a fair chance to cut a good deal.

With an auction, a reserve price – relatively below market value – is usually set. Potential purchasers are invited to view the properties beforehand and may then, either place an offer immediately or wait for auction day to do so. Over the last twenty-five years, property value in Malta and Gozo has increased tremendously sometimes by 20 to 25% in one year, not only due to the demand but also because of finite land on the island.

The world economy has been a disaster over the last three years but Malta’s property value has been recorded to only have come down by a mere 13-15%, making it a great time to purchase a property. In 2010, €47 million worth of property was placed on our auctions. In 2011, this went up to €51 million and over €25 million in the first six months of 2012. Many of the properties placed on auction sell within weeks of being listed and the reason for this success boils down to the fact that people feel comfortable knowing they are getting a fair deal. The values of properties listed on Malta Property Auctioneers vary from €150,000 to €3 million, as we cover everything from luxury villas to small apartments. If there’s any particular property you’re interested in, make sure to ask us about them. You never know – you might grab yourself a great deal!

Going once, going twice… An interview with Pierre Faure

Why buy a property via auction?

An auction house specializes in the sale by auction of unique and distinguished properties offered on behalf of sellers who prefer a date-certain sale in comparison to a more lengthy sale process filled with market uncertainties. In most cases, the vendor of the property is more willing to sacrifice on price than time.

There are several reasons why one might be in a hurry to sell a property, some being: bank repossessions, inheritance, purchase of another property, relocation, marriage disputes, etc.

Advice and consultation on permanent residency for high network individuals, financing, investment opportunities and personal attention is given to each individual client.

Auctions are implemented with the highest degree of professionalism at the local, national and global level. Malta Property Auctioneers only offers properties which are in demand and pays special focus on luxury and unique properties.

What type of properties are listed at auction?
Anything from luxury villas to small one bedroom apartments can be found during any of the four auctions held each year. The Malta Property Auctioneers experience is not based on traditional brokerage methods alone, moreover, it has highly trained staff that are highly knowledgeable about the advantages that the auction method holds.

What can potential bidders learn about auction properties before bidding?
All properties that go under the hammer are advertised regularly through various mediums, including local newspapers, magazines and online websites. Interested parties can also register online to receive regular updates as well as auction catalogues 30 days prior to each auction. This allows people to determine in advance which properties they wish to view and get an idea of their maximum price. Typically, pre-auction offers are accepted – meaning that the sale could go through ahead of the auction provided that the offer is accepted by the vendor.

The auctioneer will conduct preliminary searches on each property and will compile information packs on each lot – which would include property plans and permits. These would be made available on request. A blank promise of sale, enclosing the details of the property itself, would also be included. If one wishes to make property survey or have an architect inspect a property prior to bidding, this is permitted at a specified cost.


Mr Pierre Faure, founder of Malta Property Auctioneers, organised his first auction early in 2007 and, since then, has never looked back. Working towards their 36th property auction, Malta Property Auctioneers has lots placed on auction in Malta and Gozo. Properties that reach up to a total value of approximately €100 million each year. More and more foreign and local purchasers are seeking this new trend in real estate.

Over fifty million euros in property value placed on auction in 2010

Malta Property Auctioneers has been progressively developing itself to become the leading agent in auction marketing. Martin Vella meets Pierre Faure to learn why trust and reliability are the keys to sedimenting an established property auctioneer.

EDITOR’S NOTE Pierre Faure, founder and Managing Director of the company, has been in the business of selling real estate since 1980. He spent several years working in the field in Canada, where he won several awards; including the prestigious Award of Merit for four consecutive years. Locally, he is renowned for his trustworthiness, go-getter attitude and out-of-the-box thinking.

CORPORATE BRIEF Malta Property Auctioneers Ltd. is the first and only company in Malta that truly specializes in the sale of property by auction. MPA offers a professional service with highly trained staff, qualified to give professional evaluations on any type of property, including residential and commercial real estate. MPA offers experienced service as well as the tools required to get all kinds of property sold. All of this while offering the best value of properties on the island.

As the hammer drops, you will find yourself walking away with an amazing deal. Property sales by auction are an exciting activity with interesting results. This public sale forms part of the Malta Property Auctioneers’ circuit run by Pierre Faure himself.

Mr Faure has been in the real estate business for over 30 years now and first established his career from a small retail outlet in Swieqi. “The reason for the success of auctions is that people know they are getting a good product for the right value. The seller does not wait for an offer because it is auctioned and the best bidder gets it. The buyer also gets the best value for the property in a competitive market,” explains Mr Faure. “Actually, many of our properties are upmarket properties from villas to large seafront apartments.”

In 1984, Pierre left for Canada and went to University to get his degree in real estate – which is a legal prerequisite for anyone wanting to sell property in Toronto. Evaluating property, sales and marketing were just part of the curriculum. Pierre then joined one of the largest real estate companies in North America – Homelife Real Estate. From 1987 all through 1993, Pierre won several achievement awards for being the top sales executive in his office and for four consecutive years he also received awards for being one of the top ten sales executives in all of North America.

“We integrate our expertise and knowledge in auction marketing to further enhance Pierre Faure’s team and to focus on high-end, up-market property. The property auction process is a fast and transparent transaction and generally, both the vendor and the purchaser end up getting a good deal. The vendor gets a fast unconditional sale and the purchaser gets a guaranteed ‘good value property’ which he himself has bided for,” asserts Pierre.

“The staff at Malta Property Auctioneers has years of experience and is well trained in giving a professional evaluation of any type of property. At Malta Property Auctioneers we offer a genuine evaluation by giving the vendors a comparison approach on their property,” says Faure.

In 1994, Mr Faure returned back to Malta and soon after opened his own real estate company – Pierre Faure Real Estate – located at the Westin Dragonara Resort. In 2006, Pierre moved on to opening the first property auction house in Malta – Malta Property Auctioneers.

“A staggering amount of €51 million in property value was placed on auction in 2010 in comparison to the €47 million of the previous year,” confirmed Mr Faure. “Every year, we have had an incredible increase in interest in the sale of property by auction and I am not surprised,” Pierre stated during our interview.

Pierre was quite eager to tell me, “what vendors need is less talk and lots of action on the part of the agent – there is no doubt in anyone’s mind that we mean business. We, at Malta Property Auctioneers, acquire the right action through a well-organised marketing campaign. Naturally, this can be quite expensive. We put our money where our mouth is and we invest heavily to advertise and expose the properties that we truly believe in. After all, this is what selling property is all about. Remember we only concentrate on 30 to 40 lots at a time.”

Luxury villas and apartments, converted and unconverted houses of character and even commercial and investment opportunities are expected to go under the hammer on auction day. 80% of properties listed on auction are typically sold. MPA’s next auction will be held at The Westin Dragonara on Saturday 5th March, where both vendors and buyers are guaranteed to find the right property at the right price.


  •  How do I list or buy a property on auction?
    The seller of the property and the auctioneer will agree on the lowest selling price the vendor would accept, this is referred to as a Reserve Price. The potential purchaser views the property prior to the auction. The purchaser can then either decide to wait for the auction day to place an offer or go ahead with it immediately.
  • If the offer is accepted by the vendor, a Preliminary Agreement is signed. Is it just vendors with financial difficulties that list their properties on auction?
    “Definitely not,” assures Pierre Faure. “Our properties on auction are extremely well priced because the vendor wants to sell quickly, without the hassle of a long-delayed sale.
  • Can real estate agents sell their properties on Auction?
    “Absolutely yes,” declares Pierre. What’s most important to us, is that the property is sold and that both the vendor and purchaser are happy.”
  • How would I benefit from listing my property on Auction rather than listing it with a real estate company?
    It’s common knowledge that the more you advertise a property, the better chances it has of being sold.
  • Malta Property Auctioneers only concentrates and advertises 30 to 40 properties at a time, dedicating all of its resources to a select few options. What type of exposure do you give each individual property on Auction?
    MPA extensively markets each property through various types of media which, in turn, generates the required levels of interest from prospective purchasers. MPA’s marketing campaign includes; a full-colour auction catalogue, adverts in local newspapers – as well as local & foreign magazines, 20,000 mail shots to a selected database of clients, PR articles, TV promotion and internet adverts, just to mention a few.

Retire in Malta and run a small Guesthouse at the same time!

3284689422_b4388f0339Its no secret that life in Malta is pretty good. Boasting over 250 days of sunshine every year, located right in the middle of the med, between Africa and Europe, Malta has always intrigues visitors from far & wide. Couple that with English speaking natives, lots of great beaches, fantastic culinary delights a relatively safe and easy way of life with great health and medical care and you have a fantastic recipe for a place to retire!

Even better – one can retire here and run a small business in the meantime.

Finding investment opportunities in real estate however, can be a tricky task. With a wide selection of different kinds of properties and different lifestyles (even though on a tiny island) choosing the right spot can be a daunting task, especially since Malta ‘s economy and construction never seems to be slowing down.

Circle in on the more sought after areas, and you’re sweating. The truth is, finding good property in a hot spot area such as Sliema is hard and finding one at a good price can often seem impossible.

The buzz of shoppers dipping in and out of every retail store, the gorgeous views of Valletta and a calm sea, as well as an array of gastro delights lining the promenade all account for the growing interest in investing in this top destination. And whilst finding a fully restored townhouse in this town might be akin to searching for polar bears in Africa, one has just made itself available for sale.

Located just a few metres away from the seafront and with an abundance of cafe’s and top stores all within arm’s reach, is this double fronted townhouse which has only recently been refurbished and granted permits for a boutique guesthouse.

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Its elegant design benefits from bespoke finishes that retain many of its original period features. Its designers, having already worked on a number of stellar projects, have encapsulated the true beauty of this townhouse giving a sense of sheer elegance as one walks throughout.

Upon entering this townhouse, one finds bilateral rooms, each having been designed as guest rooms with private ensuites. Further into the property is the private backyard which retains a great deal of light and airiness and is perfect for outdoor dining and summer barbecues. On the first floor, further guest rooms, again all ensuite and uniquely designed to give a different feel to its visitors. On the lower level, one finds a beautifully designed kitchen and reception area open for guests’ use enjoying a fireplace and a further guest room.

This property is being offered as a going concern, lock stock and barrel and ready for operation. Offering 7 double bedrooms, finished to an impeccable standard, this townhouse could also make for an excellent family home. Its superior location and carefully designed layout, gives the discernible buyer assurance of it’s potential and is truly an opportunity not to be missed.

Offered at a guide price of between €1,175,000 and €1,275,000, this magnificent property has already attracted interest from both home and overseas buyers. Similar guest houses nearby rent rooms at approx €120pn with a 90% annual occupancy. This leaves a fantastic ROI!

Prices in many parts of Malta continue to rise, particularly in the Sliema area, making this property extremely attractive both in terms of residential and commercial use as well as its exceptionally competitive price. A number of houses were sold last year without ever appearing on the open market making opportunities such as these a rare commodity, so if its interests you contact us immediately on sarah@pierrefaure.com

Marsaxlokk

mxlokkMarsaxlokk is a charming village infamous for its traditional, brightly painted Luzzus, tasty fish restaurants and lively Sunday market and it is no wonder that it is highly visited by thousands of tourists every week. Located in the south-eastern part of Malta the village has around 3200 inhabitants and in the past, most of the inhabitants worked as fishermen. The name Marsaxlokk comes from the word “marsa” which means port and the word “xlokk” which means south in Maltese.

Malta Property Auctioneers have just been commissioned for the sale of a beautiful property in this village. If a quiet, peaceful lifestyle, away from the hustle and bustle of the city, yet with a selection of lovely eateries and tranquil country walks is your kind of thing, then this one may just be the perfect home for you.

Regretfully for sale by a foreign family returning back to UK the property is an elevated maisonette enjoying its own entrance with only one other overlying abode. The property has been finished in a contemporary style and to high standards and has a warm and welcoming feel right upon entry. As seen in the above picture, the main living area is bright and spacious, enjoys an open plan-concept yet still sectional and comprises a fitted kitchen with breakfast bar finished with a marble top. This lovely space leads onto a 35 foot back yard, covered by a sail, ideal for entertaining, pets or a perfect area for children to stretch their legs and waste some energy.

A bonus feature of this property is another spacious room at the back of the yard ideal as a games room, 4th bedroom/ nanny flat, dog house, studio/study etc.

The three bedrooms are all spacious (2 double 1 twin) and both the ensuite bathroom as well as the main bathroom are modern and spacious. The property is completed by an underlying lock up garage and is truly located on a quiet street yet only a minute away from the waterfront and picturesque bay.

The guide price on this property is affordable and very realistic, in fact a number of viewing are taking place this weekend. If you wish to know more just click here

If you wish to be the first to know when new properties are listed on auction in Malta you can like our facebook page or register for our newsletter.

 

Malta Property Auctioneers is a sister company of Pierre Faure Real Estate – a leading estate agency in Malta & Gozo

Sliema – Tigne – Corner Fully furnished apartment

Isn’t it great when you get repeat business?

 

DSC_0009 (Small)  The property featured here is a property I sold to a most delightful British couple nine years ago. They where the first and only people to make use of this apartment. They bought it in a finished state from a well known local developer and put their own touch to the property by filling it with top quality furniture , such as Natuzzi sofas, Chigo Airconditioners, Italian bedrooms sets, etc.

Even though the property is 9 years old ( relatively little for a well built property), its condition is immaculate as it served mainly as a holiday home a few weeks each year, with its large terrace serving as the perfect place for a family bbq enjoying the seaviews.

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Happy with the services of yours truly, both in terms of a smooth transaction back then as well as continuous support along the years, we at Pierre Faure Real Estate have been entrusted as exclusive agents for the regretful sale of this outstanding home away from home.

Located on a corner, in fact just one corner (15 meters) off the Qui Si Sana seafront, this bright and spacious apartment is being offered at €575,000 – lock, stock and barrel, in a ready to move into state and with a private parking space – a valuable asset for those who know a little bit about Tigne in Sliema!

All three bedrooms are equipped with double beds, and the main enjoys an ensuite shower. The kitchen, and I know this will please the older generation, is not open plan, but fitted separately into another room – There is the option to either open it up into the living / dining or even move it out completely to make way for a fourth double bedroom!

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If you’re looking for a really nice apartment in Sliema, but just cant afford or do not wish to pay the premium for being on the seafront – the fact that this is the best option on the market right now is an absolute non-brainer.

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If the pic above was not enough to tickle your fancy and make the call (356 79797956), or if you’re simply the curious type who loves nosing about peoples homes…..just click here for more pics.

Exquisite Detached Villa – Ready to move into – For sale by Auction

Moving house is very often the most stressful time in our lives, however, refurbishing a 1970’s villa is way more stressful than that, especially on an island renowned for slow, undependable workers. Chasing workmen, tile-layers, suppliers and acting as project manager is no easy task especially whilst simultaneously juggling a full time job plus wife and kids. For this reason, its not often that a refurbished villa comes on the market at a young stage of the property’s new life, especially one that has been painstakingly restored and finished to very high standards.

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BEFORE

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NOW

 Malta Property Auctioneers are very proud to be appointed as exclusive agents for this recently refurbished detached villa with pool in the sought after area of Monte Rosa Gardens in Mensija (l/o San Gwann).

When the current owner purchased the property some 30 months ago, there was very little to please the eye. Dated apertures, chipped floor tiles, a falling apart kitchen and a layout not very fitting for today’s lifestyle. With a vivid imagination the owner decided to take on a project to give this property the new life it deserves. Several months, hundreds of hours of hard work, and plenty of arguments (with both wife and workers) later, and the property is unrecognizable.

Standing outside the property one immediately notices that the property has been completely re-plastered and painted, the apertures have all been changed to top quality double glazing , the main door restored to new life and the surrounding gardens re-tiled as well as the use of astro-turf to create a perfect play area for the kids. The inside has been equally cared for – the property, which was gutted to its innermost skeleton is now finished to perfect detail using a wonderful mix of textures and materials. Underfloor heating as well as air-conditioning throughout are only some of the extras included. The property boasts two living areas (one for the adults and one for the kids), a private office or study, a wonderful kitchen (see pic above) and dining area all leading onto the pool, bar and deck/lounge area, which is an incredibly private space.

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An extension has been built to make space for a 4th double bedroom (2 of which are ensuite and main enjoying a seriously nice sized walk-in wardobe).

The guide price for this property has been set at €695,000 – €735,000 which is incredible value for all the property has to offer. There is very little on the market that compares to this outstanding fully detached home. Viewings have already started and we expect many more before auction day. If you are looking for that ideal family home, with no expenses spared, ready to move into and in a nice villa area with no overlooking apartments around, I suggest you make that call to take a look before its too late.

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For more info, photos & Google Map location click here

A Successful 29th Property Auction

Malta Property Auctioneers Ltd. looking forward to their 30th Property Auction

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Malta Property Auctioneers held their 29th quarterly Auction last Saturday 30th January at the Royal Malta yacht Club. Another successful and satisfying auction for all the participants, both vendors and buyers with almost €6 million worth of property sold under the hammer.

“This was another pleasing event for us and we are really looking forward to launching our milestone 30th Auction. Nine years ago today we opened our doors and where a little skeptical whether the idea would take off in Malta. Today we are the smart choice for buying and selling real estate. So much so, that other names in the local Real estate scene are trying to dive into this more targeted business model.
“It was only a matter of time before others followed suit. In fact others have already tried and failed. It is very typical of the Maltese to take a good idea and try to make it their own, to see who is successful and try to steal their recipe, but we have been in business for nine years and we have established our own market niche. Besides, who wants to drink Star Cola when the original Coca Cola is sitting on the same shelf ??? “ – remarked Stefan Consiglio, when questioned about the hearsay that other property auctioneers where about to launch.
“To be a successful property Auctioneer one needs to have extensive knowledge in the local real estate market, an auctioneers licence and a team of highly trained sales agents – Our experience in real estate goes back over 30 years through Pierre Faure Real Estate. The other ingredient for a successful auction, is a large database of highly qualified investors together with an aggressive marketing campaign – both items we have been harvesting and perfecting bit by bit over the last 9 years as auctioneers.
“We are a company that keeps up with current trends in marketing and are always looking into the newest marketing mediums to get the best possible exposure for your property with the intention to sell it to the highest bidder within a short period of time by creating an environment of urgency. Our business model is a win-win situation for all parties and the results are there to be seen . Moreover we are always willing to work together on a commission sharing basis with other agencies or brokers making our sales force even larger – this way we do not close a window of opportunity to anyone but rather open doors to all – pun intended.”
Malta Property Auctioneers’ exact 30th Auction date will be announced shortly but will be held around April/May. We are currently in the process of putting another attractive portfolio of properties together so for those willing to sell their property fast and efficiently – now is the time!

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