New Scheme Introduced For Expired Or Expiring Government Ground Rents In Malta
Malta has unveiled a new scheme aimed at addressing the concerns surrounding expired or expiring government ground rents.
The scheme, introduced by Economy Minister Silvio Schembri, seeks to provide relief and peace of mind to numerous families who have been living with uncertainty regarding the future of their properties.
It is estimated that approximately 1,800 properties, including residential, agricultural, and commercial, will be eligible for this scheme. By digitising archives and renewing the date of authority, the government aims to extend the tenure of these properties.
Many of these cases involve properties that were transferred to the government by the Church under the 1993 agreement.
The new scheme offers an opportunity for the regularisation of expired ground rents, as well as those that will expire by the end of 2030, by granting them a 50-year term.
Agricultural ground rents, including farms, will benefit from highly advantageous rates already established by the Lands Authority. Expired ground rents on agricultural land will be converted into rent titles at government rates.
In cases where concessions are granted for lands or other properties, the ground rent will be calculated at 2% of the market value for recognised use. This amount will be reviewed every ten years, with a 10% increment.
Schembri emphasised that the objective of this scheme is to send a strong message to property owners, whether residential, agricultural, or commercial, that they no longer need to live in uncertainty. By applying for a strong title through this scheme, they can gain peace of mind and even invest in their properties.
The introduction of this scheme is a positive step forward for property owners facing uncertainty due to expired or expiring ground rents. It provides them with an opportunity to regularise their situations and secure their properties for the long term.
The government’s commitment to digitisation and modernisation of processes is commendable, as it ensures a more streamlined and efficient approach to resolving these issues.
As the scheme rolls out, eligible property owners are encouraged to take advantage of this opportunity and apply for a strong title.
By doing so, they can finally put their concerns to rest, invest in their properties with confidence, and look forward to a more stable future.
Overall, the new scheme introduced by the Maltese government represents a significant step towards resolving the uncertainties surrounding expired or expiring government ground rents.
What do you make of this scheme?
READ NEXT: A Year And A Half Later, Free PrEP And PEP Medication To Be Addressed In Upcoming Sexual Health Policy
