A public consultation will be held on measures targeting derelict commercial property with a view to ensuring that such property is kept in good order and secured, Finance Minister Edward Scicluna announced in the Budget speech today.

Furthermore when (any) property is inherited and the majority of heirs decide to sell but some heirs object, the waiting time before the sale can take place is reduced to three years from the current 10. The measure is being taken to reduce the volume of vacant property.

Prof Scicluna said that tax on sales of  regenerated property in urban conservation areas is being halved to 2.5 per cent for contracts concluded next year.

Final Withholding Tax on regenerated property in UCAs will be reduced to five per cent from eight per cent.

The €5,000 benefit for first time buyers is being retained and backdated to July 1.

The option of a 15% final withholding tax on rentals of residential properties will be retained and extended to commercial rents.

The finance minister also announced that  the government will partner the private sector to set up an agency called Property Malta to promote Malta as a property centre of quality.