Budget 2024: Property Highlights

Last updated: 31.10.2023
We’re bringing you the highlights from the government’s budget plan for 2024 related to property.
  • The grant for UCA properties in Gozo is set to increase from €30,000 to €40,000. The grant for UCA properties in Malta remains at €15,000. This only applies to first-time buyers.
  • The reduction of stamp duty for buying property in Gozo (non-UCA) to 2% will no longer be applicable for the Promise of Sales signed as of 1 January 2024.  Stamp duty for such properties will be the same as in Malta, meaning 5%.

  • The government together with the MFSA is keen to develop some new financial niches like wealth and asset management, Real Estate Investment Trusts (REITs) and aircraft leasing.
All other schemes and incentives remain in force:
  • Schemes for first and second-time property buyers paying lower stamp duty rates to remain in place.
  • The first-time buyer scheme announced last year giving buyers €1,000 each year for ten years is to be extended.
  • Capital gains and stamp duty exemptions to remain in place for properties that:
    • were constructed more than 20 years ago and have been vacant for more than 7 years; or
    • are situated in an Urban Conservation Area; or
    • are constructed and finished by guidelines on quality and aesthetics as stipulated by a new Board that will be established in the first quarter of next year.
  • Couples and single property buyers will now enjoy the same amount of VAT refund when buying or fixing up their first property

To learn more reach out to us by calling on 21490681 or send us an email at info@dhalia.com

Melanie Ciantar