Caruana’s Math: PN’s First-Time Buyer Scheme Helps 750 in 10 Years

Imagine you’re a young Maltese couple, dreaming of your first home. You’ve saved, you’ve planned, but the reality of Malta’s property market feels like an insurmountable mountain. Now, picture this: a scheme designed just for you. But how many of you will it really help?

Caruana’s Calculations

In a recent interview with Hot Malta, Partit Nazzjonalista (PN) leader Bernard Grech revealed that his party’s proposed first-time buyer scheme would benefit around 750 people over a decade. The scheme, aimed at making homeownership more affordable, has sparked debate among locals and political pundits alike.

Grech’s calculation is based on a simple premise: “We’re looking at around 75 apartments per year, for 10 years,” he explained. “That’s 750 people who will have the opportunity to buy their first home at an affordable price.”

Affordable Housing: A Maltese Challenge

Malta’s property market is no stranger to affordability issues. According to the Central Bank of Malta, the average price of a dwelling in Malta reached €274,000 in 2020, a staggering 12.7% increase from the previous year. For first-time buyers, saving for a deposit, let alone the full price, is a daunting task.

Take, for instance, the bustling streets of Msida. Once a quiet fishing village, it’s now a thriving town with a mix of old and new architecture. Yet, the average price per square meter here is around €3,000. For a typical 100 sqm apartment, that’s €300,000 – more than double the average Maltese salary.

PN’s Proposed Solution

PN’s scheme aims to tackle this challenge head-on. Grech proposes building affordable apartments on government-owned land, with prices capped at around €150,000. But with only 75 apartments per year, the question remains: is this enough?

Critics argue that 75 apartments a year is a drop in the ocean. Malta’s population is growing, and so is the demand for housing. with no mention of rental affordability or support for those priced out of the market entirely, some question the scheme’s reach.

However, Grech remains optimistic. “This is a start,” he insists. “We need to make a dent in this problem, and this scheme is a step in the right direction.”

: The Future of Homeownership in Malta

The debate around affordable housing in Malta is far from over. As political parties gear up for the next general election, expect to see more proposals and promises. But for now, one thing is clear: the dream of homeownership for many young Maltese couples remains just that – a dream.

As Grech puts it, “We need to stop talking and start doing. Our young people deserve a chance to own their own home.”