3 - 9 August 2000

Perry property magazine a huge success

by David Kelleher

The Perry property magazine has proven to be a huge success among both those selling prestigious properties and those seeking something special for the home.

Speaking to The Malta Business Weekly, Mr FP Spiteri Paris, managing director of Perry Ltd, said the magazine had been a great success and served as an excellent vehicle to give exposure to high-priced property.

"The magazine has great news value and we have given a lot of attention to how each property is displayed. We felt that when you have big and quality properties you can't neglect them. That is why display is so important," Mr Spiteri Paris said.

Like art, property is a sound investment and just as a particular work of art deserves excellent exposure, so do properties that are prestigious. "Like art, property has also proved to be a sound investment with a 100 per cent track record," Mr Spiteri Paris added.

He stressed that the company does not focus solely on high-priced properties but they cater for all the market. The important factor is that each property is of high quality.

"Every property is important and so are our clients. We must take care of our clients and that is why we choose to display their properties in our magazine with such care," Mr Spiteri Paris said.

Asked whether the property market was at a standstill, Mr Spiteri Paris said this was not the case. "The market at present is very good and it will always be. As long as there are buyers, property will continue selling. If no one buys then yes, prices will have to go down. "However, experience has shown us that over the years, prices have gone up rather than the other way round," he said.

As to foreigners purchasing property in Malta and the belief that prices will go sky-high, thus causing problems for the Maltese, he said that this was the greatest fallacy.

"Foreigners are a great bonus to us. They are choosy when they come to purchase property and one must remember that not all of them stay here for good. The property is then re-sold. If one had to look at the top properties in Malta, they are owned by the Maltese," Mr Spiteri Paris said.

When asked which were the best areas to buy property, he said attitudes were changing. People are moving out and not staying in the same locality they were brought up in. There are some beautiful properties in areas like the south, he added.

"The Planning Authority and the building rules and regulations have had a positive effect. If you buy a property today, you know that the PA will not allow someone to open a restaurant next door to you or a mechanic's workshop, as was the case in the past. Real estate has benefited enormously," Mr Spiteri Paris said.