First-time-buyers of UCA or vacant properties in Gozo will have grant increased to €40,000

Government has announced an increase in the first-time-buyers grant for properties in Gozo within Urban Conservation Areas or those registered as vacant, from €30,000 to €40,000.

Finance Minister Clyde Caruana announced the measure on Monday evening in Parliament as part of his Budget 2024 speech.

Any applicant must be a local resident, who is a first-time buyer and officially recognised as being the owner of a private residential Urban Conservation Area (UCA) property, or the owner of a private residential property that has been built for more than 20 years and has been vacant for more than seven years, within Gozo.

The scheme is intended to assist local residents to get on the property ladder while also supporting the retention of traditional homes while also limiting the number of properties that remain vacant.

Additionally, the Minister also announced that government will stop a tax incentive that benefitted buyers of Gozo properties. The incentives provided for buyers to pay just two per cent stamp duty, instead of the regular five per cent.

Both measures form part of Government’s strategy to support Gozo’s development into “an island of villages”