Elderly Homeowners Downsizing Their Property Will Not Pay Stamp Duty

Elderly individuals who choose to sell their current home in order to purchase a smaller property are currently required to pay stamp duty, despite never having benefited from existing housing schemes.

Prime Minister Robert Abela announced this new proposal tonight, stating that, if granted a new mandate, elderly people who downsize their homes will be exempt from paying stamp duty on their new property purchase. In effect, they will be treated in the same way as first-time buyers for stamp duty purposes.

This measure forms part of the Our Next Home scheme, which aims to provide meaningful financial relief to different categories of homebuyers. Parents with more than one child, individuals who separate or divorce, and elderly people purchasing a smaller home will all be eligible to save up to €15,000 in stamp duty under the proposed scheme.