A new scheme to encourage tenants of social housing to buy the properties they currently rent, was launched this morning by Lands Minister Jason Azzopardi and the Minister for Public Dialogue, Chris Said.

Called Sid ta' Darek, Ninvesti fid-Dar Tieghi, the scheme is intended for people who live in social housing in the harbour area including Valletta, Floriana and the Cottonera.

The ministers explained that the properties will be sold at market prices, but those to having assets exceeding €100,000 can be given subsidies of up to 65%.

Eligible persons must have been living in those tenements for seven consecutive years. The tenements must be their ordinary residence and the properties may not be sold before another 10 years.

Any sale before ten years would require the refund of the subsidies.

The sales are not subject to duty.

Most of the flats were built after the war to replace buildings which were demolished by aerial bombing. Dr Azzopardi said the landowners are being identified and will be compensated for the land.

         

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