Prime Minister Robert Abela has pledged a €1,000 for every first time buyer over a ten-year period, amounting to €10,000.
Abela said that the incentive would be backdated to contracts signed on January 1st of this year. He also downplayed concerns of this leading to increasing property prices.
Answering questions by press, Abela said that this will make a strong difference to first-time buyers and that prices would have gone up when similar measures were introduced in the past to curb worries about increasing property prices.
This comes amid five proposals the party put forth as it runs for the March 26th general election. The other proposals seek to address several other issues concerning environment and even pensions.
Abela revealed how the Labour government would pump €700 million over seven years in green lungs for urban spaces. This is to ensure residents not having to drive their cars to spend time in an open public space.
Other proposals target pensioners, revealing how pensions will be increased and that those applicable will be receiving all medicines on the government formulary for free. Abela also revealed that tax bands would be widened and tax refunds strengthened.
Abela revealed that all of the five proposals would cost €1.39 billion over five years and are set to be financed through money generated by new job creation and economical strengthening.
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