Last Updated on Tuesday, 4 June, 2024 at 1:58 pm by Andre Camilleri
Commercial establishments in property owned by the government are going to be eligible for an emphyteusis of 50 years through a new scheme that was announced by the Minister for Lands, Stefan Zrinzo Azzopardi. He reminded that this was promised in the electoral manifesto and the 2024 Budget.
Zrinzo Azzopardi said that in 2015, a pilot scheme was introduced for the conversion of commercial leases to emphyteuses for the shops in Valletta, and that it was now decided that this scheme be extended to the rest of the country with updated conditions.
“The government is announcing this scheme so that commercial places are given a more stable title and for longer, with the aim of incentivizing more investment in the private sector in these areas” Zrinzo Azzopardi said.
The minister announced that the Legal Notice on the scheme is being published on Tuesday and gave details on who is eligible for this scheme. Amongst others, persons who have a valid emphyteutic concession recognized by the Lands Authority when the regulations come into action are eligible, he said.
Zrinzo Azzopardi said that persons who have a valid commercial lease also given by the Lands Authority or property that has the title of a “casa-bottega” or an agreement to operate a commercial place owned by the government can all apply.
He added that with the Legal Notice, a schedule will be published that will list which commercial properties owned by the government will be accepted to apply for this scheme. He said that amongst these are those known as Use Classes Order of the Planning Authority falling under the categories 2B, 2C, 3A, 3B, 4A, 4B, 4C, 4D, 51 and 6A which include a wide variety of institutions.
Zrinzo Azzopardi said that the emphyteusis will function at a rate of 2% per year based on the value of the property and will be revised from time to time. He said that through this scheme, everyone that uses a government-owned commercial property will have the opportunity to plan long-term and have more possibilities of running their business.
