Still time to save on that first-time property
With less than three months to go to the expiry of a one-time and unique benefit scheme introduced by government, first time buyers are still in good time to save a hefty amount of money on their first property purchase. This budget proposal announced during November 2013 promises would-be property owners an exemption from duty payments on the first Euros 150,000 spent on the purchase of a first property in Malta or Gozo. This tangibly translates in a saving of some Euro 5250 for each buyer. According to close sources there have already been up to the 2nd of September over 2000 first time buyers that have already taken advantage of the scheme.
The announcement which introduced this unique exemption was extremely well received last year and saw a series of quick cancellations of final deeds of transfers. Property seekers who were in the process of signing contracts decided to cancel and wait until the scheme was in effect, even if this meant having to start the process of house hunting and having to choose another property all over again.
The scheme, which expires on the 31st of December 2014, allows the purchase of a first immovable property to enjoy the hefty duty payments exemption, thus allowing all first time buyers more cash in hand. This can be utilised to buy a complementary property such as a garage, or to eventually embellish, renovate, restructure or furnish the property in a better way. This scheme has also been a tangible and direct aid to young couples with a minimum income and who are starting a family.
It is interesting that the scheme is not only open just for locals , but also for foreigners and non-residents. These can benefit from the scheme as long as they declare that they do not own any other property, and that they do not require an AIP permit.
Since the average time span between the promise of sale and the final deed of purchase is usually in the environs of two to three calendar months, aspiring first-time property buyers are currently scrambling to find the right property of their choice. This, with the aim of being able to commit themselves and the sellers with a promise of sale to be signed within the month of October. Most notaries will be extremely busy with a good number of promises of sale on their hands to research meticulously as the law requires, before finalising contracts, many of which will probably all fall within the last weeks of December 2014.
This also means that local Maltese estate agents are being kept on their toes, busily touring newly listed properties and searching all their listed properties to help aspiring buyers find the perfect match to their imaginary dream home. Reputable real estate agents in Malta are well-stocked with a considerable number of properties ideally suited for first-time buyers. These can be studio flats, bachelor’s pads, one bedroomed or two-bedroomed apartments, penthouses or houses, larger antique townhouses, maisonettes, terraced houses, villas, farmhouses amongst others. the list is practically endless and properties on sale are available all over Malta and Gozo. All it takes is a quick phone call to set an appointment estate agent of choice responsible for the region or locality in mind. Check that calendar and be sure not to miss out on the scheme.