First time buyers can now apply for €10,000 grant as scheme is renewed

The Housing Authority has renewed the first time buyers scheme that offers a grant of €10,000 over a 10-year period.

The scheme was introduced in 2023 to support first time buyers and encourage homeownership. Last year, the scheme cost €4.7 million, to reach €7 million since its launch.

Housing Minister Roderick Galdes said around 2,600 first time buyers are eligible for the scheme for the first time this year. These buyers would have bought their property in 2024. Around 64% of them have already appplied. The minister urged those who have not yet applied to do so by end April to receive their first payment in June.

Applications can be obtained from the Housing Authority.

"We have schemes to help families become homeowners, other schemes to strengthen the purchasing power of families, both in the first years after they buy a property and with assistance later in their lives,” Galdes said during a press conference on Wednesday.

Galdes said since its launch in 2023, the scheme has benefited 4,909 first-time buyers.

The scheme's impact is complemented by other initiatives, such as the First Home Grant, which provides financial assistance of up to €5,824 to first-time buyers.

The minister pointed out that a study by the Housing Authority revealed that more than two families per day are assisted through various existing schemes, further enhancing the quality of their residences.

The CEO of the Housing Authority, Matthew Zerafa, claimed that the profile of First-Time Buyers is constantly evolving, highlighting that from the applications they are receiving, “more than half of the applicants are choosing to buy property on their own.”

"The Housing Authority with priority is ensuring that families find enough support and opportunities to reach their aspirations," he concluded.

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