New property market incentives as a part of the post-COVID-19 recovery plan

Jun 09, 2020
Finance Minister Edward Scicluna speaking, the Prime Minister in the middle and Economy Minister Silvio Schembri (right) at Fort St Elmo.

The Government announced on Monday evening new incentives for the property market as a part of the post-Covid19 stimulus package, which includes other several measures. “People know where they stand, Everybody is getting something”, Abela said.

The Prime Minister Robert Abela has announced new initiatives to entice locals to invest in Malta and also to boost the property market.
 

For those buying property, the current tax from 5% duty will drop to 1.5%. For the sellers, their tax decrease from 8% to 5%.


Under the package, property buyers and sellers will benefit from a reduction of stamp duty on property transfers for sellers and buyers. The independent first-time buyers scheme will also be adjusted so that those who had bought a garage would still be eligible.

The measure, which also applies for those still under a promise of sale agreement will apply up to March 2021 on the capital value up to €400,000. For those buying property, the current tax from 5% duty will drop to 1.5%. For the sellers, their tax decrease from 8% to 5%.

The reduced rates will apply for residential properties only and it will cost the government €32 million.

Sandro Chetcuti, The Malta Developers Association president says its proposals were all accepted, “We are very satisfied that our proposals have been taken up as this will mean that the property and construction sector can continue to help our economic recovery. Our country will be passing through difficult times and with the right incentives we believe that the property market can contribute significantly to kickstart our economy again.”

Check the video HERE
The account with the email address already exists on the site. To synchronize with Social Network Login plugin please enter the password to your account on the site.
Log in
Username
Password
Forgot your password? Remind