First-time home buyers scheme worth €10,000 renewed
More than 4,900 first-time buyers have already received payments, ministry says
A scheme offering €10,000 grants to first-time home buyers has reopened, the government announced Wednesday.
The Housing Authority First-time Buyers scheme, which launched in 2023, sees first-time buyers receive a cash grant of €1,000 each year for 10 years.
Last year, it cost the government around €4.7 million, with total costs having reached more than €7 million, according to the Housing Ministry.
At a press conference announcing the reopening, Housing Minister Roderick Galdes said that since its introduction, more than 4,900 buyers had benefitted from the scheme which in June will see applicants paid the next installment.
Around half of applicants had already received two payments, while the rest had received the first payment, Galdes said.
The minister said that around 2,600 first time buyers were eligible to apply for the scheme this year due to purchasing properties last year, adding that just under two-thirds had already applied.
He encouraged the remaining third to apply for the scheme by the end of April to receive the first payment by next June, while noting that a separate Housing Authority scheme, the First Home Grant, also provided funding of up to just over €5,800 to first-time buyers.
“We have schemes to help families become homeowners, other schemes to strengthen the purchasing power of families, both in the first years after they buy a property and with assistance later in their lives”, said Galdes.
Housing Authority CEO Matthew Zerafa noted that more than half of applicants were choosing to buy on their own, adding the authority was “making it a priority to ensure that families find enough support and opportunities to achieve their aspirations”.