Momentum Proposes Tax On Vacant Properties To Fund Social Housing

Momentum is calling on the government to introduce a Property Speculation Tax in Budget 2027, aimed at bringing vacant homes onto the market and making housing more affordable for young people.

The proposed tax would apply only from a second vacant residential property onwards, exempting the owner's family home and one additional vacant property, such as a summer residence. Registered rental properties, commercial properties, offices, garages and warehouses would also be excluded.

The party said the measure would target developers who build beyond actual market demand and leave properties vacant while maintaining high prices.

Families building apartments for their children to use as future homes would also be exempt, provided the properties serve as their residence.

The proposed tax would be tiered according to utility meter multipliers, taking into account the size of the property and how long it has remained empty. Owners would pay more the longer a property stays vacant.

Momentum said all revenue generated by the tax should go directly towards social housing projects.

“Thousands of homes sit empty while young people and couples cannot afford to rent, let alone buy. We do not want to punish people who own a home or a summer house. The Property Speculation Tax targets those who hoard property as an investment and keep it off the market. Empty homes should be lived in,” said Natasha Azzopardi, a member of the Momentum Executive Committee.