Fabian Demicoli

GRTU seeks extension to first home buyers support scheme

 

 One of the schemes in support of the construction industry proposed by GRTU prior to the last budget was the financial support scheme encouraging first home buyers to purchase their first property.

GRTU strongly believes that the first home buyers is an important element in the market for new property and an encouragement to the developers to supply the market with affordable housing.

 

This scheme has not only made it possible for first home buyers to enjoy an effective reduction in the market price of property but also encouraged developers to ensure that low lost housing is available to alternative locations as demanded by first home buyers.

The scheme uses an intelligent approach to direct capital investment to meet social needs. Why on earth has Government decided to stop the scheme is another of those mysteries that only Government Ministers understand.

The construction industry is facing difficulties as a result of the fall in demand for new building and developers are withholding their construction plans as the demand for housing subsidies.

GRTU would have expected Government to enhance and extend the scheme further not to stop it out right.

In a strongly worded appeal to the Minister of Finance, the Economy and Investment, GRTU has demanded an extension of the scheme for at least another year.   

 

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