The 2018 Budget was a welcome boost to the property market. Here is a summary of the main benefits as we see them. Kindly refer to the links beneath this article for further information.
€25,000 Government Gift Available
If you own an old property the Government will give you €25,000 towards the cost of renovation! Too good to be true? Maybe not. The proviso for claiming this generous cash sum is that said property must be rented out to the Housing Authority for 10 years at an agreed rental rate.
The First Time Buyers' Scheme
The popular and successful first time buyers' scheme is to be continued whereby a maximum of €5,000 can be claimed by first-time buyers.
New Scheme For Second Time Buyers'
If you are selling your first property to buy a second property you could qualify for up to a €3,000 tax rebate, and this figure increases to €5,000 for the registered disabled.
Urban Conservation Areas (UCA)
Reduced stamp duty of 2.5% (previously 5%) when buying a property in an UCA. Reduced final witholding tax on restored properties when selling a property in an UCA.
Are You Renting Property?
Property rental agreements must be registered by the landlord with the government. The penalty for non-compliance is that the landlord will not be covered by the rent law: which covers aspects such as evictions for non-payment etc.
Moving To Gozo?
If you are looking to buy property in Gozo you will welcome the continued 2% Stamp Duty on property purchases.