Government will be giving €10,000 to first-time buyers over a period of 10 years, so long as the purchased property does not exceed €500,000.
The measure will cover all acquisitions that took place from 1st January 2022 and will not be means tested. The measure will be worked alongside Malta and Gozo’s commercial banks that also provide home loans.
“This initiative will provide breathing room for our youth, helping them to become owners of their own homes and supports them in the first years following such an important investment,” Finance Minister Clyde Caruana told Parliament.
Extension of Deposit Payment Scheme
Government has also extended a measure first introduced in 2020 that aids property buyers who are unable to save for the 10 per cent of the property’s value, required to secure a home loan with local commercial banks.
The scheme provides buyers provides interest-free loans of up to 10 per cent of the property’s value, in the form of a state guarantee with commercial banks. The maximum value of the property was set at €175,000 and led to 200 property contracts signed.
For 2023, the maximum value has been raised to €225,000, an increase of €50,000 to better reflect the median property market prices.
The total number of firms that registered over €100,000 in profit in 2022 amounted to 5,044
Works are expected to start in the coming weeks
‘If I had no money, I would be happy with a dry place and necessary equipment for an affordable price’