In a press conference at Auberge de Castille, Prime Minister Robert Abela announced that the electoral proposal of giving a yearly €1,000 grant to first-time buyers over ten years is now being implemented. First-time buyers who bought a property last year with a bank loan can start applying for the grant at the Housing Authority on Monday, 20 February.
Prime Minister Robert Abela said the objective of this grant is clear; that the dream of purchasing a first property will be a positive experience for the youths of Malta and Gozo.
This measure is being implemented less than a year since it was announced ahead of last year’s general election, together with other key and significant measures that have already been implemented.
The Prime Minister explained that the challenges faced by first-time buyers are no secret; the determination to purchase their first property and turn it into a home for them and their families while, in parallel, moving forward in their career path. The government wants to be there in the first stage of this process, which is understood to be the most challenging stage. This scheme will be part of a wider package of support that the government gives to first-time buyers. This includes, for example, the removal of stamp duty for first-time buyers, as well as other schemes for specific circumstances such as the Equity Sharing and New Hope, all of which are aimed at upholding the spirit of social justice.
The Prime Minister ended his address by stating that this is the government that worked the hardest so everyone could buy their property, so that in Malta everyone is empowered to reach their objectives and targets. The successful implementation of this scheme showcases that the government keeps and delivers its promises and is determined to make a meaningful and positive difference in the lives and livelihoods of the people.
Minister for Social and Affordable Accommodation Roderick Galdes outlined that this grant fits perfectly into a chain of services, grants, and schemes that the government has introduced in the sector in recent years. The sector is resilient, despite the many challenges the world is currently facing, because the government never brushed aside those who sought to enter the property market, but rather, the government increased the number of initiatives so that whoever works hard to buy their first property receives support from the government.
CEO of the Housing Authority, Matthew Zerafa, described how the authority has grown and no longer covers social accommodation only. The authority now serves as a regulator within the sector to ensure that it functions well and for everyone’s benefit.
This grant will not be subject to any means test, and the Housing Authority will be issuing annual payments during June by means of a bank transfer directly into the applicant’s bank account, if the applicant is the sole beneficiary, or into a joint account, if the applicant is a couple.
The applicants that bought their first residential home from 1 January 2022 have until 31 May 2023 to apply and receive their first payment in June 2023. If the contract is signed in 2023, applicants must apply by March 2024 and will receive the first payment in June 2024.
Applications are to be submitted on housingauthority.gov.mt.
