You Can Now Own A Home For 30% Less Than Market Price

The CEO of the Foundation for Affordable Housing, Dr. Jake Azzopardi, has outlined a new initiative aimed to help those struggling to enter Malta’s property market, especially young people and middle-income earners.

The Foundation, a collaboration between the State and the Archdiocese of Malta, will sell homes at 30% below market value to individuals earning up to €33,000 per year and couples up to €38,000. The scheme targets the “squeezed middle class” stated Dr. Azzopardi, those who do not qualify for social housing yet cannot afford private market prices.

Azzopardi explained that calls have been issued for private contractors to submit designs for attractive, sustainable housing. Proposals will be judged on affordability and environmental standards, with the aim of delivering nice, energy-efficient homes for new families.

Applicants must meet income criteria, own no other residential property, and be purchasing a primary residence. Azzopardi stressed the transparent process, ensuring the scheme cannot be used for investment properties.

The model is based on genuine affordability, with prices reflecting real construction costs, and the Foundation’s reinvestment of all surplus funds into future projects. “This is a sustainable, repeatable model that will keep affordable homes coming on the market,” Azzopardi said.

The homes will be sold finished but unfurnished, allowing buyers to personalise interiors. They are expected to be available for sale by 2027 and will be located in Fgura, Marsaskala, Ħal Kirkop, and San Ġiljan.

“This is more than just housing,” Azzopardi concluded. “It’s about giving people a fair chance to own a home.”

#MaltaDaily

good to go :))