Momentum has called on the Government to use Budget 2027 to bring empty homes back onto the market and make housing affordable for young people.

Momentum proposed a Property Speculation Tax on vacant residential property. The Party said that ”the tax should apply only from a second vacant property onwards. This means that the family’s home would be exempt, as would one additional vacant property such as a summer residence.”

It explained that registered rentals, commercial properties, offices, garages and warehouses would also be exempt. ”This measure is specifically aimed at curbing developers from overdeveloping beyond actual market demand and leaving them at high prices.”

Momentum went on to say that families who put down their house to build apartments for their children as future homes will also be exempt, since these will be their residence. ”The fee should be tiered, calculated through utility meter multipliers based on the size of the property and how long it has been left empty. The longer a property sits empty, the more its owner pays.”

It added that ”every euro raised should go directly towards social housing projects.”

“Thousands of homes sit empty while young people and couples cannot afford to rent, let alone buy. We do not want to punish people who own a home or a summer house. The Property Speculation Tax targets those who hoard property as an investment and keep it off the market. Empty homes should be lived in,” said Natasha Azzopardi, Member of the Momentum Executive Committee.

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