This week marks a significant milestone in our ongoing commitment to supporting first-time home buyers. Around 5,200 families and individuals will receive a payment this week as part of the government’s €10,000 over 10 years scheme to assist new homeowners.
This was announced by Minister for Social and Affordable Accommodation Roderick Galdes who said that this initiative highlights the government’s dedication to making home ownership a reality for many who have long aspired to it. Minister Roderick Galdes explained that during this week almost 2,800 first-time buyers who purchased a property in 2022 will be receiving their second payment while almost 2,220 first-time buyers will be receiving their first grant of €1,000 per year for 10 years. This means that since last year, the government invested over €7.7 million for first-time home buyers.
“The first-time buyers scheme is a testament to our commitment to helping families and young people transition into homeownership. By providing this financial boost, we aim to alleviate some of the burdens associated with purchasing a home and to facilitate a smoother path to owning a residence,” Minister Galdes stated.
The Minister explained that this initiative is part of the government’s holistic strategy to improve the housing market. “We believe that a healthy housing market is inclusive and accessible, catering to diverse needs across the population. Our policies are designed not only to support those in immediate need but also to create opportunities for all to achieve long-term stability and security through home ownership,” stated Minister Galdes.
Minister Galdes reiterated that in addition to this grant, the government is implementing several other measures aimed at enhancing the housing sector, such as construction of social and affordable housing, loan schemes, and sub-leasing schemes, as well as introducing policies that stabilise the housing market, ensuring it remains vibrant and accessible to all.
Housing Authority CEO Matthew Zerafa stated, “It is of great satisfaction that the Authority has once again successfully led the First-Time Buyers scheme. The Housing Authority is committed to continuing to strengthen these innovative schemes and always offering more digital and efficient services.”
