Last June, the Maltese government unveiled a multimillion economic stimulus package to help boost the economy which had an adverse impact due to the COVID-19 pandemic. The recovery programme included a number of property-related incentives which made it ideal to buy or invest in property.
There are just a few weeks left before these measures expire on March 31, so in order not to miss out on great savings, it is advisable to act fast.
Through these measures, buyers can benefit from a reduced stamp duty rate of 1.5 per cent from the current five per cent on the first €400,000 of the property value. First-time buyers will also be exempt from any stamp duty on the first €200,000.
Moreover, Frank Salt Real Estate first-time buyer clients will also be exclusively entitled to a fantastic package with great offers from some of Malta’s leading finishings and furnishings suppliers, offers on property insurance as well as discounts on notarial fees with compliments of APS Bank.
On the vendor’s side, property transfer tax has been reduced to five per cent from the current eight per cent.
In order not to miss out on great savings, it is advisable to act fast
To make sure that second-time buyers get their money’s worth, Frank Salt Real Estate is also offering up to €1,000 in cash backs to clients who purchase and sell a property (regardless of the order) through the agency. They also get discounts of up to 35 per cent on finishings and furnishings from leading suppliers.
The COVID-19 government incentives are valid on all promise of sale agreements entered into until the end of March, given that the final contract is also signed by the end of 2021.
“The government last year introduced these incentives which have proven to be a big success in stimulating the market. We have so many clients who have benefitted from up to €14,000 in savings on their purchase tax (in the case of buyers) and €12,000 in savings on their final withholding tax (in the case of sellers),” Frank Salt Real Estate director Grahame Salt said.
“This is obviously a one-time opportunity not to be missed and we encourage all prospective property buyers to try to sign an agreement before the March deadline. Our sales consultants can also explain our own incentives for first-time buyers and for second-time buyers in more detail.”
One may also submit a request for information at www.franksalt.com.mt/gov-incentives.