Tourism and Environment Minister, Dr. Mario de Marco yesterday explained that this scheme is aimed at encouraging people to put unused buildings to good use. Indeed, over the years the number of abandoned buildings in village cores has increased substantially and most of these buildings are architectural gems.
Dr. de Marco explained that these buildings normally remain in a derelict and unused state due to the fact that very often disagreements would arise between heirs and no decisions would be taken on their use.
However, with this new government scheme, multiple heirs will be exempt from paying stamp duty when they transfer the property and this would further encourage such heirs to assign the responsibility for use of the building to one person. People will also benefit from advantageous tax incentives where such old buildings are restored for rent or sale within residential areas.
The Malta Environment and Planning Authority will probably widen the use of these restored buildings so they can also be used for commercial purposes, however this would only be allowed if the use complements the residential area.
This scheme is planned to be on offer until the end of next year and, apart from a series of similar schemes listed in the Budget proposals, its aim is that of restoring scheduled buildings in village cores and urban conservation areas. Similar schemes consist of a 20% refund of restoration expenses, capped at a maximum of €5,000 for property owners.
