Imagine standing on the bustling Republic Street in Valletta, the heart of Malta’s capital. You’re surrounded by historic buildings, vibrant shops, and the scent of fresh pastizzi wafting from nearby bakeries. Now, imagine you’re one of the 750 people who might get a helping hand from the Nationalist Party’s (PN) first-time buyer scheme in the next decade. That’s the reality painted by PN leader Bernard Grech, who recently revealed the scheme’s potential reach.

Grech announced the scheme earlier this year, promising first-time buyers a €20,000 grant towards their dream home. The scheme, he said, would help young couples and families break into Malta’s notoriously pricey property market. But when it comes to crunching the numbers, the PN leader admitted that the scheme’s reach might not be as wide as initially thought.

“In the next 10 years, we estimate that around 750 first-time buyers will benefit from this scheme,” Grech told Hot Malta in an exclusive interview. That’s roughly 75 people per year, or about six per month, across Malta and Gozo.

So, how did Grech arrive at this number? The PN leader explained that his party based their estimates on current first-time buyer trends and projected housing market activity. “We’ve looked at the number of first-time buyers in recent years and adjusted for projected population growth and housing market dynamics,” Grech said.

According to the Central Bank of Malta, around 1,500 first-time buyers entered the market each year between 2016 and 2020. However, Grech noted that the PN’s scheme would only apply to new properties, which typically account for around 30% of first-time buyer transactions. That’s where the 750 figure comes in.

While the PN’s scheme has been welcomed by some, critics have been quick to point out its limitations. “The scheme is a step in the right direction, but 750 people in 10 years is a drop in the ocean,” said Marthese Portelli, a housing activist and member of the ‘Maltese Home’ campaign.

Portelli argued that the scheme should be more ambitious and better targeted. “We need to be looking at ways to make homeownership affordable for a much larger segment of the population,” she said. “That means looking at innovative financing models, increasing housing supply, and tackling speculative practices in the market.”

As the political parties gear up for the next general election, housing is set to be a key battleground issue. Both the PN and the Labour Party have pledged to introduce measures to help first-time buyers, but the devil will be in the detail.

“We need to have an open and honest conversation about housing in Malta,” Grech said. “That means looking at the root causes of our housing crisis and working together to find real, lasting solutions.”

As for the 750 people who might benefit from the PN’s scheme, they’ll be hoping that the next government delivers on its promises and helps them turn their Republic Street dreams into a reality.