‘Owners Best started life as a marketing agency rather than a real estate company’ ⁠– Vincent Baldacchino, Owners Best CEO

Vincent Baldacchino’s career began in air traffic control, but his entrepreneurial spirit quickly took flight in a new direction with the creation of Owners Best, empowering homeowners to sell their properties directly to buyers. Not stopping there, he expanded the initiative into a full-service real estate agency, paving the way for even greater success. Vincent’s achievements eventually led to the launch of Cosmopolitan Developments, a property development company that has solidified his reputation as a key player in Malta’s real estate sector.

The unusual career path from air traffic control to real estate taken by Owners Best CEO Vincent Baldacchino began with a turning point that recalibrated his professional priorities. “While working in air traffic control, I was also a part-time property negotiator with an agency. One sunny afternoon in summer, I was in contact with a potential buyer, but my full-time job kept me from arranging a viewing, and I knew that if I didn’t act, someone else would,” he recalls.

“I asked myself, ‘since this is something I am truly capable of, why don’t I do it full-time?’ I remember clearly – it was Wednesday; by Monday, I resigned. Despite the security of my former job, I happily took the risk.” Vincent admits that he found the initial years in real estate challenging due to a lack of formal training and available learning tools. Yet, he doggedly sharpened his skills, and a decade into his career in property, he decided to step out on his own and start Owners Best – a key and the first of many triumphs.

With Owners Best, Vincent introduced a new property sales model that empowered homeowners to sell directly to buyers through a magazine and TV show. “Owners Best started life as a marketing agency rather than a real estate company,” he elaborates. “It offered homeowners the opportunity to sell their properties themselves without a middleman. I believe owners know their property best, much better than an agent ever could.”

From a marketing perspective, this was a new niche in the real estate industry. The magazine was distributed across Malta and was an immediate success – the numbers spoke for themselves. “We sold two properties out of every three that appeared in the magazine,” he shares. Over time, the firm evolved into a traditional real estate agency, adapting to market conditions and technological advancements, particularly the exponential growth of social media. Despite competition, Vincent believes that the company’s internal tools and experience continue to give them an edge.

The success of Owners Best led to the creation of Developers Best, which produced a sister magazine specialising in selling brand-new properties built by developers, allowing Vincent and his team to offer expertise and early access to listings for buyers. The expansion eventually led to the founding of Cosmopolitan Developments, driven by Vincent’s desire for greater control over the quality and delivery of properties.

“At Developers Best, maintaining the highest standards for our clients is our top priority. Unfortunately, some developers have a history of not meeting expectations. To ensure the quality of the products we deliver, we have made the decision to discontinue working with developers whose reputations indicate they cannot meet our standards,” Vincent explains. Recognising the market’s strong demand for new properties, he realised that by developing their own high-end properties, the company could better serve clients by ensuring timely delivery and exceeding buyer expectations. And so, Cosmopolitan Developments was born. Established five years ago, the company now has an in-house architect and project managers overseeing each development to provide a fully-fledged, hands-on service for customers.

With nearly 35 years of experience, Vincent describes his role as CEO as balancing present challenges, learning from past experiences and anticipating future trends. “Business success requires earning money in the moment while planning for the years ahead,” he says. As CEO, he also prides himself on his problem-solving abilities, noting that identifying the root of a problem is often harder than fixing it. “I view problem-solving as a core part of my job, for which I apply the 80/20 rule, focusing on the top 20 per cent of issues that drive 80 per cent of results. Identifying these key challenges gives me the impetus to tackle them effectively,” he explains.

Looking back at 2024, Vincent is optimistic about the resilience of Malta’s real estate sector, despite global challenges. “The market is still very strong, and if we continue to adapt to what people want, it will remain so over the coming years,” he notes. Vincent points to a shift in buyer preferences since the COVID-19 pandemic, with larger outdoor spaces and dedicated work-from-home areas still major factors in property choices.  He emphasises the importance of adapting new developments to these evolving buyer needs.

On the other hand, Vincent warns that challenges such as rising costs and a shortage of skilled labour will continue to impact the sector. “While the focus on sustainability is exceedingly important, the increasing costs of building eco-friendly properties, coupled with skyrocketing material and land prices, could make properties unaffordable,” he cautions, stressing that this could lead to a market slowdown as developers delay sales until they can set prices within buyers’ reach.

“Moreover, it’s becoming increasingly difficult to recruit people with the required skills, diligence and commitment,” he continues, remarking that while his company frequently advertises for new personnel, many applicants fail to show up for interviews. This labour issue, he believes, is a major factor limiting business expansion in Malta, affecting not only real estate and development but also various other sectors.

Looking ahead, Vincent anticipates stricter regulations in Malta’s real estate sector and believes that property prices will continue to rise over the next five years. He also believes that outdated planning policies need revision to align with the current market and suggests that planning laws should allow for more one-bedroom units, which are in high demand due to Malta’s changing demographics and expanding foreign workforce. “As soon as a one-bedroom apartment enters the market, it’s immediately snapped up,” he says, advocating for more affordable options to meet this growing need.

Business for both Owners Best and Cosmopolitan Developments exceeded expectations in 2024, and Vincent looks forward to building on those results. For the CEO, the past year was dedicated to identifying core market fluctuations anticipated for 2025. He acknowledges that one of his companies’ biggest challenges is adapting to changes in consumer behaviour, particularly in property viewings.

“Post-COVID-19, many potential buyers expect all property information online before scheduling actual viewings,” he reveals. “People are so used to ordering everything online that, as crazy as it sounds, they adopt the same approach to property, despite it being such a large investment.” This shift has resulted in fewer in-person viewings, a key challenge that Vincent’s team is dedicated to addressing. “We recognise that in-person viewings are essential for buyers to thoroughly evaluate the location, quality and compliance of a potential new home, ensuring their needs and priorities are fully met,” he shares.

Despite these challenges, Vincent remains optimistic about 2025. His focus is on streamlining efforts and addressing core issues impacting the real estate market. He also aims to enhance communication by leveraging better technology and providing more training and tools to his real estate agents. His development plans include acquiring better-located sites to continue building attractive, easy-to-sell properties.

“Ultimately, I believe that adapting to changing market conditions will remain crucial, but both Owners Best and Cosmopolitan Developments are well-positioned to thrive,” he asserts. “It’s much easier to manage something you have control over. In just five years, Cosmopolitan has built a strong reputation among buyers, with banks more willing to approve loans to those purchasing properties from us. I take pride in the quality of the product we offer, which strengthens our position in a continuously growing and competitive market.”

This article is part of the serialisation of 50 interviews featured in Malta CEOs 2025 – the sister brand to MaltaCEOs.mt and an annual high-end publication bringing together some of the country’s most influential business leaders