The Minister of Finance has in his Budget Speech for the year 2024 announced that:
- Incentives for persons buying or selling property which is more than 20 years old and has been vacant for more than 7 years or where the property is located in a UCA will continue to apply.
- Such persons will also benefit from an exemption from the payment of income tax on capital gains and stamp duty on the first €750,000.
- They will also benefit from a vat refund of a maximum of €54,000 on restoration and renovation expenses.
- First time buyers will receive a grant of €15,000 if the property is in Malta and €40,000 if the property is in Gozo.