Imagine you’re a young Maltese couple, both working hard, dreaming of a home to call your own. You’ve saved, scrimped, and finally, you think you’re ready to take the plunge. But then you hear about the Nationalist Party’s (PN) first-time buyer scheme. It’s a lifeline, right? Not quite, according to PN leader Bernard Grech.

Grech recently revealed that, under their proposed scheme, only 750 first-time buyers would benefit in the next 10 years. That’s just a fraction of the 1,500 to 2,000 couples getting married annually in Malta. So, what’s the catch? And more importantly, what does this mean for you?

The PN’s scheme, announced earlier this year, promises to help first-time buyers purchase their dream home with a 10% deposit. But here’s where the math gets tricky. To qualify, couples must earn less than €30,000 a year combined. That’s around the average Maltese salary, meaning many couples might not qualify.

the scheme only applies to properties valued at €175,000 or less. In Malta’s red-hot property market, that’s a tall order. For instance, a two-bedroom apartment in Sliema, a popular choice for first-time buyers, can easily exceed that price tag.

Take St. Julian’s for example. Once a quiet fishing village, it’s now a bustling hub with a vibrant nightlife and a high demand for property. A quick search on local real estate websites reveals that even a one-bedroom apartment here can cost upwards of €200,000. So, where does that leave our aspiring homeowners?

Grech admits the scheme has its limitations. “It’s not a panacea,” he says, “but it’s a start.” He envisions the scheme as a stepping stone, helping couples onto the property ladder, even if it’s just a toehold.