During the budget held on the 11th October the Finance Minister presented some measures which will come into effect as from January 2022 to incentivise and further boost the property industry in Malta.
> The existing schemes for first-time and second-time buyers and for buyers purchasing properties in Gozo has been extended for another year.
> As an incentive to stimulate the sales of vacant dilapidated properties in Malta and Gozo.
The Finance Minister declared that there shall be no capitol gains or stamp duty payable on properties sold or purchased which are more than 20 years old and have been vacant for the last seven years and more. This will also include properties situated in UCA Areas or built in the “Traditional Style”.
Further more first time buyers purchasing these properties, will be eligible for a one time grant of €15,000 on properties purchased in Malta and €30,000 on properties purchased in Gozo.
The Government will also be refunding any vat payable up to the amount of €54,000 on the first €300,000 spent on works and renovations on these properties being purchased.
> Tax due on the first €200,000 of the value of properties sold or purchased and rented for the last 10 years to tenants eligible for the rent given by the Housing Authority will be discounted by 50%.
> Current schemes in place to help the disadvantaged with purchasing property has been extended.
The Government also announced that they will be giving €300,000 to the Church’s Foundation for Affordable Housing.
> Re pre 1995 Rental Housing with properties valued up to €250,000 that require structural repairs will be eligible for subsidies of up to €25,000.
> There will be tax benefits to private owners wishing to rent their property as affordable housing.
Learn more about the whole budget here:
