Gozo Sees Around Five Promises Of Sale Signed Daily In Last Two Months Of 2023
In the past two months, a whopping 315 promises of sale were signed in Gozo, according to the National Statistics Office.
These numbers imply that about five promises of sale were signed daily in the months of November and December.
According to Environmental NGO Għawdix, these high figures can be attributed to the extension of the Gozo Property Scheme which offers a reduced tax rate of 2%, as opposed to 5%, for individuals purchasing residential properties in Gozo.
The reduced tax rate scheme on Gozitan properties was introduced back in 2017 in order to give the industry a much needed push.
Fast forward six years, and a now ever-booming property industry in Gozo, the 2024 Budget promised to end the reduced 2% duty in order to curb the current property frenzy on the island, an idea primarily proposed by an alliance of Gozitan organisations called Għal Għawdex.
Given the current construction spike in Gozo, the scheme was primarily set to end on 31st December 2023.
However, under Legal Notice 316, the scheme is being stretched out until 31st January 2024 for those registering a promise-of-sale, or ‘ċessjoni’ (assignment) or such promise.
“Meanwhile, we, the environment, and our heritage are paying the heftier price of this permanent damage,” NGO Għawdix wrote.
What do you make of these figures?
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