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malta budget 2024

Malta Budget 2024: Property Related Measures

Updated Schemes and Measures

Gozo Property Tax Reduction – ending soon.

 

The Gozo Property Scheme, which offers a reduced tax rate of 2% (as opposed to the usual 5%) for individuals purchasing residential properties in Gozo, will end on the Janaury 31, 2024. This reduced stamp duty rate is only applicable if a promise of sale is signed before the end of Janaury 2024.

 

First Time Buyers, who purchase a property within the UCA or A property constructed over 20 years ago which has been vacant for more than 7 years, may qualify for a grant of €40,000.

(Read more)

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. If the property is in Gozo, they will receive €40,000 – up from €30,000.

(Read more)

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. 

€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. The maximum allowed value of the property is €500,000.

(Read more)

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)

VAT Refund Scheme for first time buyers renovating or building homes

The assistance, by way of a VAT refund, to first time buyers to build or renovate their homes is being extended and will be made equally beneficial to single persons as it is for couples.

(Read more)

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. 

(Read more)

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.

(Read more)

Click here for the full Malta 2024 budget measures. 

Get in touch so we can guide you on how the Malta Budget 2024 affects you.

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