A Budget with Solid Foundations for a Real Estate Affair
Unless you’re naturally aging or reproducing, the next best takeaway from yesterday’s budget is to invest in real estate. In this article, we explain how acquiring your first or investing in your next estate may be simpler than at Monopoly Malta.
Your First Time should be Special.
Anticipating your first time at any activity can be quite stressful, however, it shouldn’t be the case when purchasing your first home. Property Specialists at Zanzi Homes are skilled to you through the process every step of the way and on top of that, Malta’s fiscal framework is designed to reduce the pressure on your bank account.
First-time buyers benefit from an exception on paying stamp duties on the first 200,000€ of the property price as well as receiving a grant of €10,000 (paid in yearly installments of €1,000). This scheme has been once again extended with further budgetary allocation to support its demand.
And if your first time was fun enough to go for a second serving and purchase another property, the current lower stamp duty rates the duty paid on the first €86,000 of the value of the replacement property shall be refunded.
Odysseus would have bought a Home in Gozo
Legend has it that the nymph Calypso seduced Odysseus and kept him captive on the island of Ogygia with some historians toying with the possibility that it is today the island of Gozo. If Homer wrote the Iliad today, he’d likely write about how Calypso and Odysseus invested in a home in Gozo and benefited from a grant of €40,000 (up by €10,000 from last year’s budget), located in an Urban Conservation Area. If they chose a dwelling outside an UCA, they would rush to buy before the end of the year following the announcement that stamp duty would revert from 2% to 5%.
Enjoying it whilst Single too
Indulge in the allure of VAT refunds, a tantalizing prospect where real estate passion and savings intertwine. Refunds of a maximum value of €54,000 (in VAT) will continue to stimulate the renovation of eligible properties for either couples or those enjoying the ride solo, fixing an anomaly in the current scheme.
Filling the Gap.
As beautiful as its anatomy may be, a property needs dressing. Purchasing a property through Zanzi Homes gives you access to an ocean of benefits and discounts on anything from comfortable beds to climate control devices for when the heat rises. In total, your next new home will cost you up to €20,000 less on coupling up with Zanzi Homes. You’ve got you covered for anything you may desire such as lighting, outdoor furniture, insurance, and if you aren’t sweating enough, gym memberships.
We all deserve some extra attention when needed. The Finance Ministry also shared its love to single individuals and families alike benefiting from housing benefit schemes allocating increases that range from €800 to €1,000, as well as exempting income tax and duty on the first €200,000 of the consideration of the sale of properties leased by the Housing Authority.
Allure lingers as capital gains and stamp duty exemptions continue to embrace the revival of mature and vacant properties.
Word of Caution
To finish it off, our take is that the 2024 budget has once again reaffirmed the importance of keeping alive the attraction to Malta and Gozo’s real estate industry. And if you’re looking for some company during your property hunt, there is no sexier real estate agency than Zanzi Homes. Take a moment to view our assets on www.zh.mt, www.zanziprime.com for Luxury properties, and zanzihomes.com/first-time-buyer for a list of discounts/benefits to redeem when purchasing a property from Zanzi Homes. If you’re more into shorter-term commitments, then QuickLets is your best bet for all your rental need (www.ql.mt).