The property sector continued to boom in October, with property sales up by a fifth over the same month in the previous year, official figures show. The biggest percentage of sales was in Gozo.

The statistics office said the number of final deeds of sale of residential property amounted to 1,404, a 21.3 per cent increase from October 2021.

The value of the sales reached €320.6 million, 30.4 per cent more than in October 2021.

91.0 per cent, of the sales involved individual buyers (households), with companies accounting for virtually all the rest.

1,199 promise of sale agreements for residential property were registered, in October, a 10.0 per cent increase over the previous year. Households accounted for 1,107, or 92.3 per cent, of these agreements, while the rest mainly involved companies.

Budget measures

The finance minister announced in the budget speech last month that first-time buyers will be granted €10,000 over ten years to help with their home loan repayments. The maximum allowed value of the property is €500,000. 

Moreover, previous schemes related to property purchases were being extended for the next two years, including the stamp tax reduction schemes for first-time buyers, second-time buyers and the purchase of property in Gozo.

In last year’s budget, the government had announced that Stamp Duty and Capital Gains tax would be removed on the first €750,000 when selling and purchasing one of the following property types: those built more than 20 years ago and which have been vacant for seven years; for properties within the UCA; for new properties that are built in typical and traditional Maltese style and architecture.

Aside from this, first time-buyers of these properties were to receive a €15,000 grant.  

First-time buyer Gozitan couples who purchase such properties in Gozo will receive a €30,000 grant.

The government had announced last year that people who renovate old properties received a grant on the value of the VAT paid up to a maximum of €54,000 for the first €300,000 spent on restoration and finishing expenses. This will also be extended by a further two years.