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Belair Property presents a summary of the Malta Budget 2018 speech relating to the property sector presented to the House of Representatives by the Hon. Prof. Edward Scicluna, Minister of Finance on 09 October 2017.
The thresholds for persons to qualify for a rental subsidy will be further widened such that more persons are eligible. Furthermore, special thresholds shall apply for elderly persons aged 65 years or more. Conditions for such measures shall be published by the Housing Authority.
A white paper shall be issued to create a legal framework for the property rental sector which is fair to both the owner and the lessee. This shall cover a number of considerations such as the requirement to register rental contracts.
Individuals buying their first residential property currently benefit from a duty exemption on the first €150,000 paid. Such exemption will be further extended to first time acquisitions made in 2018.
Individuals who have sold their residential property in order to acquire another residential property shall be eligible to a refund of duty of up to €3,000, provided that they do not own any other property at such time. Such maximum refund is increased to €5,000 for persons with special needs. Parents of persons with special needs may also benefit under this scheme. This measure will come into force as from 10 October 2017.
Acquisitions of property located in a UCA which took place between 1 January 2016 and 1 October 2017 were subject to duty at the reduced rate of 2.5% instead of 5%. This scheme shall be extended by a year.
Individuals acquiring their residential property in Gozo currently benefit from a reduction in the duty rate from 5% to 2%. This scheme shall be extended by a year.