Tenders to be issued for four housing projects to be sold at 30% lower than market rate

The Foundation for Affordable Housing (FAH) will issue tenders for four housing projects that will be sold for eligible customers for prices 30% lower than the market rate.

Interested bidders can apply for tenders from 8 July as the foundation intends to construct 260 residential units across four locations. Government has already transferred the lands in Fgura, Kirkop, Marsaskala, and San Ġwann (Ta’ Ġiorni) to the FAH on a perpetual emphyteusis.

During a press briefing on Monday, FAH CEO Jake Azzopardi explained that applications for potential buyers will open in 2027, with the foundation currently focussing on the tender process. 

Azzopardi explained the criteria for potential buyers.

Single individuals aged between 25 and 34 must have a maximum gross annual income of €29,000 and a net worth no higher than €45,000. For single individuals aged 35 and above, the maximum gross annual income is set at €33,000, with the same net worth ceiling of €45,000.

For a couple if the oldest partner is aged between 25 and 34, their combined maximum gross annual income must be €36,000, and their combined maximum net worth is €75,000. Should the oldest partner be aged 35 or above, the combined maximum gross annual income increases to €38,000, while the combined net worth remains at €75,000. 

Applicants who satisfy these criteria are eligible whether or not they have children.

Buyers will also have the option to pay an additional sum to convert their temporary ownership to a perpetual one after 20 years by paying the difference between the affordable and market value. 

This, Azzopardi explained, is designed to encourage genuine ownership while simultaneously preventing property speculation by end-users. 

While the FAH will make a marginal return, this is intended to cover administrative costs and to be reinvested into other future projects.

The selected contractor will be fully responsible for the design of the works, with the aim to maximise residential area within planning and regulatory constraints while maintaining high aesthetic standards.

Interested parties can request a copy of the tender document by visiting the Foundation for Affordable Housing website when it is published on 8 July.