2022 Year in Review

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As the year 2022 comes to an end and we look forward to what 2023 will bring, we are taking a moment to reflect on some of the most notable achievements, accomplishments and events that have taken place for GAP Homes over the past twelve months.

Achievements

The year 2022 brought exciting construction milestones to GAP’s developments. Work officially commenced on three of our sites over the course of the year.

Throughout the year we launched; Mulberry Park, which is now completed; The Pantheon, wherein Phase 1 is now completed and a new project in Qawra which is set to be launched next year.

Additionally, several of our popular developments successfully sold out during the year including; first-time buyer favourite – Fairwinds, Mellieha’s luxury development – Southridge, as well as, The Hazel, Eden Grove, Waterbank, Breezy Village and The Oaks.

In January, GAP issued €21 million 3.9% Secured Bonds, having nominal value of €100 per Bond and issued at par. The Bonds were admitted onto the Official List of the Malta Stock Exchange on 17 January and commenced trading on 18 January 2022. Moreover, on 5 April the company redeemed in full the GAP Group p.l.c. 3.65% Secured Bonds 2022.

We kept the property market moving

Despite navigating our way through a global pandemic and being faced with a number of diverse challenges such as the inflation of raw materials for construction and finishes, we made it our mission not to pass on the rising costs to our consumers to encourage home buying and to provide customers with confidence.

We’re always proud to hear how we’ve changed people’s lives and helped them achieve their dream of owning a home, and this was something that has continued to be at the heart of what we do throughout 2022. We are delighted to have had the opportunity to speak to some of the buyers we helped and shared their experience on our website.

Throughout 2022, we have continued to deliver quality, value for money and kept our promise to complete properties within the stipulated timeline.

Takeaways

After looking back over a fantastic year, we are now delighted to be looking forward to celebrating even bigger milestones in 2023. It is set to be jam-packed with more exciting events and launches than ever before!

Here are some key takeaways that we can keep in mind as we move forward towards a new year filled with new opportunities.

Shifting Movements in the Market

Whilst the market saw some soft activity and a series of price deviations across properties, analysts suggest that due to the omnipresent rise in inflation we are going to see more shift in the market.

Re-issuance of First-Time Buyers Grant

With Malta’s 2023 budget having been issued on the 24th of October came the reissuance of the first time buyers grant. With effect from 1 January 2023, first time buyers will benefit from a €10k cash grant over a span of 10 years provided the property does not exceed €500k. Currently, first time buyers may benefit from a €15k cash grant (€30k for Gozo) with respect to the acquisition of qualifying property.  Furthermore, the VAT Refund of up to €54k on the first €300k expenses incurred for the restoration and improvement of qualifying properties remains applicable.

Extension of duty exemption for First & Second Time Buyers

The duty exemption for first time buyers (exemption from duty on the first €200k of the consideration), second time buyers (refund of duty paid on the first €86k of the value of the replacement property and purchases of property in Gozo (rate of duty of €2 for every €100 or part thereof with respect to transfers inter vivos of residential property situated in Gozo) will be extended to the end of 2023.

Looking forward

What will 2023 bring for you? Are you hoping to find a new home in the new year? Our team is here to help you. Call +356 2327 1000 or view our current developments to get your house hunt started today.