Caruana’s Math: PN’s First-Time Buyer Scheme Aids Just 750 in a Decade

Imagine this: You’re a young Maltese couple, dreaming of owning your first home. You’ve heard whispers of a new scheme promising affordable housing. But what if that scheme only helps 750 people in a decade? That’s the reality painted by Partit Nazzjonalista (PN) leader Bernard Grech, who recently crunched the numbers on his party’s proposed first-time buyer initiative.

Grech’s Calculations: A Drop in the Ocean

Grech revealed his party’s projections during a recent press conference. According to his calculations, the PN’s scheme, which involves building 1,000 affordable apartments over a decade, would only benefit around 750 first-time buyers. The reason? Many of these units, he argued, would likely be snapped up by investors or second-home buyers, leaving first-timers in the lurch.

Grech’s numbers are based on a study conducted by his party, which found that between 2016 and 2020, only 47% of affordable housing units went to first-time buyers. The rest were bought by investors or second-home owners, many of them foreign.

PN’s Plan: Affordable, But Who’s the Target?

The PN’s scheme, dubbed ‘Il-Maħżen Tiegħi’ (My Home), proposes building 100 affordable apartments per year for the next decade. These apartments would be sold at a discount to first-time buyers, with the government covering the difference between the market price and the sale price. But with Grech’s projections suggesting that only 750 first-timers would benefit, many are questioning the scheme’s effectiveness.

Grech himself acknowledged the challenge, saying, “We need to ensure that these apartments really go to first-time buyers. We can’t have a situation where they end up in the hands of investors.” But how the PN plans to achieve this remains to be seen.

Labour’s Response: ‘PN’s Figures Don’t Add Up’

Labour Party spokesperson for housing, Clifton Grima, was quick to dismiss Grech’s projections. “The PN’s figures simply don’t add up,” he said. “Their scheme is based on building 1,000 apartments, but they’re only accounting for 750 first-time buyers. What happens to the other 250 units?”

Grima argued that the Labour government’s own affordable housing schemes, like ‘Lejl Imqades’ and ‘1st Home Scheme’, have been more successful in targeting first-time buyers. “We’ve seen that when you build affordable housing, first-time buyers will come,” he said.

What’s Next?

With the next general election just around the corner, housing remains a hot-button issue. Both parties are promising affordable housing schemes, but the PN’s projections raise questions about who these schemes are really for. As Grech himself admitted, ensuring that affordable housing goes to first-time buyers is a challenge that needs to be addressed.

So, what can young Maltese couples dreaming of their first home take away from this? For now, it’s a waiting game. Both parties have plans, but which one delivers the affordable housing Malta’s first-timers desperately need.

And as for that young couple we mentioned at the start? They’re still waiting, hoping that the next decade brings more than just 750 opportunities to turn the dream of homeownership into a reality.