“A big well done to our agents, managers, administrators, partners and franchise owners, for all your excellent work done in the past nine months,” this is how Alliance CEO Michael Bonello addressed the company’s last board meeting, where it was announced that the company has exceeded its performance targets for the 2024 fiscal year, more than three months ahead of schedule.
“The effectiveness of our strategic approach to sustainably expand our branch network is shaping 2024 to be our most successful year to date,” he continued. In 2023, Alliance Group opened 17 new offices, expanding its team to over 400 skilled property advisors across 30 branches in Malta and Gozo. Many of these new openings came from mergers with established real estate companies which removed their signage and re-branded their premises to join their teams within the Alliance franchise network.
Sales performance
Gordon Attard, COO of Sales, attributed the Group’s robust performance to a surge in activity within the high-end real estate market. Alliance agents successfully sold nearly half of the Ora Residences in St Julian’s released to date, concluded more sales in other SDAs, as well as numerous transactions of properties in the €1.5m to €6m range. Additionally, there has been a notable increase in transactions involving first-time and second-time home buyers, underscoring the strength of the Alliance network. Alliance Selected, the flagship exclusive listings product, managed by Jeremy Borg Grech, has become another strong asset for the Group, delivering impressive results with over 75 listings sold since January.
Letting & commercial real estate
Abigail Simiana, COO of Letting also reported significant growth in the number of agents joining and the number of transactions brokered in the high-end residential letting sector. The Commercial Real Estate division is also anticipated to experience further growth in the coming months. Specialist advisors, supported by Simon Bharwani, head of CRE, are poised to deliver optimal services in this area.
Strategic setup and expansion
While franchises have played a pivotal role in this growth, Alliance Group had announced a temporary pause on accepting new franchises in 2024, to focus on consolidating previous gains. This consolidation included strengthening its network of well-trained branch administrators, managed by Group Branch Support executive Ritianne Spiteri; bolstering its Anti-Money Laundering infrastructure, managed by Alexia Zerafa and Group MLRO Mario Gauci and reinforcing the Group’s finance division headed by Leslie Xerri. Bonello assured stakeholders that this phase has been successful, and the company is now preparing for new expansions scheduled to commence in January 2025 to address persistent demand.
Commitment to People
Chief People officer Frank Borg emphasised the company’s dedication to its people, through high-quality training at all levels, supported by motivational coach Mark Ellul. All Alliance estate agents are now licensed or in the process of completing their licensing programme.
Marketing and branding
Chief Marketing officer Pierre Mizzi detailed how the company’s investment in customised design tools, a new website, and various digital media projects, has delivered tangible benefits. These marketing activities play a crucial role in the company’s continued growth and success.
Concluding the meeting, Bonello expressed his gratitude: “This success is not a matter of chance but the result of the hard work and dedication of the entire Alliance team. I extend my heartfelt congratulations and thanks to all members of the Alliance family.”
In just over four years since its rebranding, Alliance Real Estate Group has established itself as a market leader. We look forward to more exciting developments in this vital sector for the Maltese islands.