The Malta government Covid-19 property incentives are due to expire soon

Last June, the Maltese government unveiled a multi-million 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 the 31 March 2021, 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% from the current 5% 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 sensational 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 5% from the current 8%.

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% on finishings and furnishings from leading suppliers.

The Covid-19 government incentives are valid on all promise of sale agreements entered into till the end of March 2021, 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). 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,” said Frank Salt Real Estate Director Grahame Salt.