People buying their first property will be exempt from paying stamp duty on a value not exceeding €150,000.

The one-off measure, intended to boost the construction sector, which is the only one that did not grow last year, could save first-time buyers up to €5,250 on the tax, which currently stands at 3.5 per cent of the property’s value.

Eligible candidates must have never owned a property, directly or indirectly before January 1, 2014.

The measure had been recommended by developers in the run-up to the budget as a means to give the sector the “necessary impetus” to the property market, which was facing a slowdown.

Finance Minister Edward Scicluna yesterday also announced that the Government would be revising the existing valuation system – which currently only permits government-appointed architects to carry out property valuations.

Instead, valuations from private architects will be accepted – a change also called for by the Malta Developers Association.

He said safeguards would be introduced to curb abuse but did not go into specifics.

The Government is also launching a pilot project to do a stock take of the property it owns in Valletta – it currently knows of 286 properties.

Prof. Scicluna said the Government wanted to have a clear picture of all its property. It was unacceptable that information was dispersed and not gathered within one system, making the proper management of this property impossible.

He said this project would help identify opportunities for investment even from the private sector.