The Labour Party is pledging to give €1,000 per year to first-time buyers for 10 years from when they have bought their home.

Prime Minister and PL leader Robert Abela announced the proposal while addressing a press conference on Wednesday morning.

If the PL is elected to government, it will have a retroactive effect and be implemented as from 1 January 2022.

It is the latest proposal announced by the party after the PL pledged to widen the tax bands to leave €66 million in people’s pockets on Tuesday.

Addressing the media on Wednesday morning, Abela said that “the schemes we are proposing for first time buys is all part of our belief that hard work must be noticed. For the first ten years of youth’s independent lives the government will be helping them as is necessary.”

Through this proposal, all first time buyers who bought property as from 1 January 2022 will be able to benefit from this scheme.

Abela stated that this measure will cost the government €3.2 million in the first year and a total of €57 million throughout.

Abela also reiterated the importance of previous proposals enacted by the government. Most noticeable being the sharing equity scheme, the 10% deposit scheme for first time buyers of property, Urban Conservation Area schemes in Malta and Gozo and much more.

With regards to the 10% deposit scheme, Abela proposed that the capping of this scheme will be increased from a maximum loan of €175,000 to over €200,000. “This will help first time buyers to make the step towards owning their own house and living independently and with dignity.”