The Minister for Social and Affordable Housing, Roderick Galdes, announced during a press conference that applications for the first-time buyers scheme are open.
Minister Galdes encouraged first-time buyers, including young people, to apply for this scheme which is leaving in the pockets of first-time buyers a thousand per year for ten years, with a total of €10,000. The Minister explained how since the introduction of this scheme, back in 2023, 4,909 first-time buyers have already benefited from this scheme and in June they will receive another €1,000. These are first-time buyers who purchased their property through a home loan in 2022 and 2023. Therefore, of these first-time buyers, around half of them have received the first payment, while around the other half have already received two payments.
Around 2600 first time buyers are eligible to benefit from this scheme for the first time this year, as they purchased a property in 2024. Around 64% of them have already applied for this scheme. The Minister encouraged all those who have not yet applied to do so by the end of April by applying with the Housing Authority in order to receive their first payment next June.
The investment made by this Government on this scheme last year amounted to approximately €4.7 million. While the investment on this scheme since its introduction to date exceeds €7 million. The Minister stated that this investment is continuing to increase the purchasing power of the Maltese and Gozitan people.
Minister Galdes continued that the First Time Buyer scheme is not the only scheme that the Housing Authority is offering through which the purchasing power of the people is increasing. In this regard, he referred to a study carried out by the Housing Authority on this subject, from which it results that another scheme that is being applied for by many is the First Home Grant, which scheme assists in the completion of the first property by providing financial assistance of up to a maximum of €5,824 to first time buyers.
This study also showed that apart from the First Time Buyers scheme, more than 2 families per day were assisted through existing schemes which strengthened the purchasing power of these families and saw a leap in the quality of their residence.
“We have schemes through which we help families become homeowners, other schemes through which we strengthen the purchasing power of families, both in the first years after they buy a property and with assistance later in their lives. This is so that everyone has access to affordable and high-quality housing, which protects the dignity of people, as well as the particular needs of each family,” concluded Minister Galdes.
The Chief Executive of the Housing Authority, Matthew Zerafa, stated that the profile of First-Time Buyers is constantly evolving. He continued that from the applications they are receiving it results that more than half of the applicants are choosing to buy a property on their own. “The Housing Authority is making it a priority to ensure that families find sufficient support and opportunities to achieve their aspirations,” concluded Mr Zerafa.
