Real Estate |  May 14, 2015

Partial Property Tax Exemption Scheme for First Time Buyers Extended

The scheme announced by the Government of Malta for those buying their first residential property has now been extended by an additional 3 months to the 30th of September 2015.

The scheme which exempted those buying their first residential property from the 3.5% duty on the first €150,000 of the property value was set to end on the 30th of June 2015. However, due to the success of the scheme and the various demands especially from notaries, the Government has taken the decision to extend the scheme.

The Ministry of Finance has stated that the “scheme has been a huge success in helping young people buy their first home, and has given a much-needed stimulus to the property market and the economy”.

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