In a scenario where more single persons are choosing to buy their first residence alone, the GFR scheme – where couples and individuals are given a refund of the amount of VAT owed when renovating, building and continuing their first home – is creating an anomaly where a couple receives significantly more than people who buy alone.
“In order to remove this anomaly, the government is going to change the terms and conditions of the schemes so that young people who buy their first home alone get the same amount as couples and have a grant that does not discriminate against them,” Finance Minister Clyde Caruana confirmed.
Meanwhile, a scheme that allows property buyers to pay lower rates of duty will continue in 2024.
In addition, Malta will be increasing its budget allocation for a popular first-time buyer scheme to €5.2 million in 2024, from €3 million when the scheme was launched in 2022.
Government is providing first-time buyers with a grant of €1,000 per year for ten years to everyone who bought their first home from the year 2022 onwards.
In the last budget, Government announced “the biggest investment in first-time buyers in the history of Malta”, with a grant of €1,000 per year for ten years to everyone who bought their first home from the year 2022 onwards.
Since its implementation, 2,600 people or couples benefited from this scheme.
Parliament Budget 2024 – DOI Photo Omar Camilleri
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