During a press conference, Parliamentary Secretary for Planning and the Property Market Chris Agius explained that not only has the First Time Buyers scheme been renewed, but this has also been extended from €150,000 to €175,000. “We did this to continue helping our youths to become homeowners. Through this scheme our youths can save up to €6,500. In this way, thanks to this scheme we will be leaving €6,500 in our youths’ pockets and in the pockets of all those who decide to become homeowners for the first time”, said Parliamentary Secretary Agius.
“We have also thought of those who wish to purchase a property but who are struggling to pay 10%. We are going to help these people by offering a loan of €17,500 as payment of this 10%, to be paid across a period of 15 years without interest.”
Parliamentary Secretary Chris Agius also mentioned the Second Time Buyers scheme, which this year has also been renewed so that those who purchase their second home can save up to €3,000 on stamp duty.
The scheme reducing stamp duty for the purchase of property in Gozo or in Urban Conservation Areas has also been extended.
A measure reducing the payment of tax on land withdrawal has been introduced, not only to safeguard the interests of young couples who are buying, but also those of people selling their homes for development. Here there will be a reduction from 25% to 15% on the first €100,000 for any profit made on withdrawals.
Government will see to the continuation of the scheme ‘Irrestawra Darek’ which has helped so many families to restore the facades of their homes.
These are only a few of the measures in this fifth budget with a surplus and the third consecutive budget without any tax, a budget with 171 measures so that we will continue growing together.