malta budget 2023

Malta Budget 2023: Property Related Measures

€10,000 Grant for First-Time Buyers

First-time buyers will be eligible for a one-time €10,000 grant spread out over 10 years. The grant will go towards the payment of the buyers’ home loans and will also cover property purchases since the beginning of 2022. The maximum allowed value of the property is €500,000.

Extended Schemes and Measures

A number of property related government incentives introduced in previous years have been extended till the end 2024. We have listed them below for ease of reference. 

Exemption on stamp duty 

Stamp Duty and Final Withholding Tax for buyers and vendors respectively, will be waived on the first €750,000 if the property purchased was built more than 20 years ago and has been vacant for at least seven years: if the property is situated within an Urban Conservation Area (UCA); if the property has been recently constructed to reflect traditional Maltese architecture and design.

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Grants for older-type properties

First-time buyers who acquire a 20 year+ vacant property, a property situated in UCA or a newly built house using traditional Maltese architecture, will be entitled to receive a grant of €15,000 if the property is in Malta and €30,000 if the property is in Gozo. 

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Refund on stamp duty for vendors

Individuals who sell their home to acquire another residential property are eligible to a refund on stamp duty of up to €3,000 (or €5,000 for persons with special needs) provided that they do not own any other property at the time. 

Frank Salt Real Estate offers a special package for clients who buy and sell their property within 12 months through the agency. This includes savings of up to €15,000 from selected furniture and finishings suppliers and a cash back of up to €1,000 towards notarial fees, home insurance and the Energy Performance Certificate.

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VAT refund on restoration works

Current and prospective owners of qualifying properties may also benefit from a VAT refund of up to €54,000 on the first €300,000 spent on refurbishment works.

This scheme offers reimbursement of eligible costs related to the restoration and finishing of privately owned residential properties within Urban Conservation Areas (UCAs), properties that have been built for more than 20 years and have been vacant for more than seven years, and new properties that are developed in conformity with approved criteria reflecting older type property features. 

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Waiving of stamp duty for first-time buyers

Buyers purchasing their first property as their primary residence do not have to pay stamp duty on the first €200,000. This is equivalent to a maximum saving of €7,000. 

Frank Salt Real Estate offers a special package for all first-time buyers who buy their property through the agency, with savings of up to €15,000 from selected furniture and finishes suppliers. 

(Read more)

Reduced stamp duty on Gozo properties

If one purchases a property in Gozo before the end of 2024, the stamp duty will be reduced from 5% to 2%. 

(Read more)

Get in touch so we can guide you on how the Malta Budget 2023 affects you.


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