Alliance Group announces record exceeding €423million in sales for 2024

Alliance Real Estate Group CEO Michael Bonello announced the 2024 financial performance to Alliance managers, partners and the executive team

Alliance Real Estate Group has announced an industry record exceeding €423 million in property sales for 2024. It cites the success of its branch expansion and optimisation strategy, as well as its focus on sales and letting expertise. 

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This achievement cements Alliance's position as Malta's top-performing real estate agency. Sales are estimated to account for nearly a quarter of all local promise-of-sale contracts facilitated by estate agencies.

The Group also set a separate milestone, surpassing €2.1 million in rental contracts after successfully tapping into the letting market in late 2022.

Alliance Chief Executive Officer Michael Bonello described the Group's performance as a pivotal moment for the company.

Bonello thanked the Group's dedicated personnel for their contributions and emphasised that the record-breaking results reflect Alliance's depth of talent, expertise, and commitment.

"I attribute this success fully to each and every one of our people. These achievements underscore the collective effort of our team and the impact of our strategic decision to focus on the quality and performance of our branches and teams," Bonello said.

"Last year, by prioritising operational excellence over expansion for expansion's sake, we've been able to deliver stronger results, higher efficiency, and enhanced client satisfaction. This approach not only benefits our clients but also aligns with our commitment to long-term, sustainable growth."

Alliance partners, managers and executive team meeting – January 2025

Branch strategy drives performance

Bonello said that in 2024, Alliance implemented a targeted branch consolidation strategy as part of its long-term strategy to maximise profitability and operational efficiency.

The company merged and streamlined operations across key locations, focusing on enhancing the strength and performance of its network rather than expanding through additional branches.

Alliance Group heads of departments outlined their plans for the year ahead.

Left to right: Head of Sales - Gordon Attard; Head of Commercial Real Estate - Simon Bharwani; Head of Alliance Selected - Jeremy Borg Grech; Chief People Officer - Frank Borg; Mentor and Executive Coach - Mark Ellul; Chief Marketing Officer - Pierre Mizzi; Alliance Group Branch Support Executive & Head of Admins - Ritianne Spiteri

Key actions included:

• Merging Alliance North with the larger Alliance St Paul's Bay office.

• Merging the Alliance Attard team into Alliance Swieqi for greater synergy and productivity.

• Relocating Let Buy Mark's team into the flagship Alliance Strand branch in Gzira, consolidating operations under one roof.

• Relocating the Alliance by Malta Commercial Agency to prestigious, larger premises on the Sliema Strand.

• Discussions are ongoing on closing at least two other low-performing offices.

"This strategy reflects our philosophy: that a leaner, more focused network of high-performing branches is more effective than spreading resources thin over a larger footprint," Bonello said.

"I am inviting smaller local offices who are ready to join forces with strong existing branches. You are welcome to knock on our door," he added. 

A vision for sustainable growth

With these strategic adjustments, Alliance has positioned itself to continue capturing significant market share while delivering greater value to clients and stakeholders.  The Group's €423 million in property sales represents a benchmark achievement, and its success underscores the importance of a carefully calibrated approach to growth.

As Alliance looks ahead to 2025 and beyond, it remains committed to sustainable growth, operational excellence, and maximising shareholder value. This focus will drive its efforts to maintain and expand its leadership in Malta's real estate sector.

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