First Time Buyers
Looking to buy a property for the first time? Do you know where to start from? And most of all which agency to deal with? A lot of first time buyers have been through this life experience, and whilst the task at hand might seem to be a scary phase to go through it's not! If done in an orderly and planned manner it can be a very pleasant and exciting one!
At E&V Sara Grech, we totally understand the remits of buying the first property, be it a rental investment or a buying a property to build you future, and the issues that might crop up in the process. Whatever your tastes are and budget, rest assured that we can help you find the place you can call home! Before searching for your future home one must set the budget they would like to spend and which location they would like to move into. This will help narrow the search for property and will enable us to find more appropriate properties tailored for your needs. To have a greater understanding of what the market represents we invite you to take a look at our website to see what first time buyer properties are currently available. Do not feel discouraged if you don't find the property you want on our website as we have many more within our database.
The Malta Budget 2016 extended the scheme for the relief duty for First Time Buyers. Through the First Time Buyer Scheme, purchasers will be able to save up to a maximum of €5,250 when purchasing their first residential property. The Ministry of Finance has announced that as stated in the Budget, the first time property-buyers scheme will be extended until the end of 2016.
The First Time Buyers Scheme applies to transfers of property made on or after the 5th of November 2013 but before the 1st of January 2017, which are intended to be used by the purchasers who do not require the acquisition of immovable property permit as their sole, ordinary residence. As released in the budget towards the end of this year, the 3.5% duty payable on the first €150,000 of the value of a house will be removed in the case of first time home owners. Having said this, you will only pay 5% duty on property exceeding €150,000. This means that you can save up to €5,250 when purchasing your first property during 2016.