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Are your dreams of one day owning real estate rapidly becoming less likely by the day? Before you throw your hands up in frustration and make plans to redo your childhood bedroom at your parents’ house, check out these awesome government schemes that just might be the difference between dealing with Mickey Mouse curtains all over again or owning your very own property!
As a highly experienced agency specialising in property in Malta, we at Frank Salt Real Estate always keep our eyes peeled and ears wide open for anything that is relevant to property owners. Here’s a list of the most useful government schemes we’ve compiled.
Having Trouble Getting on that Property Ladder?
Even the planet Mars seems more accessible! However, don’t despair – the government’s Home Assist Scheme (in partnership with BOV) is a terrific incentive for those who are single and struggling to budget, especially with regards to the 10% initial deposit that is usually mandatory when applying for home loans. Naturally, the scheme does set out a few stipulations in order to qualify individuals as eligible; the applicant must be of 18 years or over, be a Maltese citizen, be gainfully employed and not possess another residential unit.
Duty exemption for first time buyers on the first €150,000 of the property value shall continue to apply in 2019.
Island Hopping
If our latest blog on property in Gozo won you over, we’re pleased to announce that the reduced duty rate of 2% instead of 5% will continue during 2019.
Extreme Makeover: UCA Edition
The highly successful Irrestawra Darek 2018 Scheme has been re-launched for a second time, once again aimed at registered voluntary organisations within UCAs (Urban Conservation Areas). Is your home in need of a facelift? You’re in luck – privately-owned residential properties located in these areas also qualify for this grant, which will provide funding for restoration works of facades, gardens, balconies and interiors. Holders of the yellow disability card may even use the scheme in order to improve certain features of their home to make it more physically accessible.
In addition to the above, stamp duty on properties within UCAs is subject to a reduced rate of 2.5% from 5% – a continuation of the same grant in the 2018 budget.
Movin’ On Up
Calling all second time buyers! The scheme introduced for the 2018 Budget is set to continue next year, with a stamp duty refund on the first €86,000 of the value of the new property; in other words, an amount of up to €3,000. Disabled persons are eligible for a refund of up to €5,000.
There Has Never Been a Better Time to Buy Property in Malta Through Frank Salt Real Estate!
Make purchasing property a smooth and easier process with the help of these government schemes and assistance from one of the most experienced estate agencies in Malta. Contact us today for more information or advice from our consultants, or view our list of available properties here. For property in Malta, look no further than Frank Salt Real Estate!
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