Budget 2021: Pumping up construction

📷: Miguela Xuereb

In his budget speech, Minister Edward Scicluna announced a series of measures which, in their global effect, bolster the construction industry. The measures range from property schemes to solid infrastructural projects aimed at keeping the economic wheel turning at a time when, as the minister noted earlier in his speech, the country was facing difficulties placed across its path by the Covid-19 Pandemic.

Key Points:

  • Regeneration of abandoned property in partnership with the private sector.
  • Stamp Duty for first time buyers will be exempt for the first €200,000
  • Reduction to 3.5% stamp duty on purchase of family home even if not a first time buyer and even if inherited.
  • €95 million for increase in roadworks
  • Continuation of regeneration of ports.
  • New and renewed industrial estates over 7-8 years with an outlay of €450 million.
  • Investment in sport facilities.
  • Investment in social housing.
  • Partnership with private sector in regeneration of properties in dilapidated state.