Young 1st Time Buyer Allowances

Amid rising house prices, the government has introduced a new plan to help those who have been 'priced out' of the market due to the disparity between capital appreciation and salary increases. Recognizing the growing difficulty for first-time buyers to enter the market, the government has agreed to eliminate or reduce buying costs based on age and purchasing bracket.

The two taxes involved in purchasing a home are IMT (Transfer Tax) and IS (Stamp Tax). The government has decided to waive both taxes for young people up to the age of 35 when purchasing their first permanent home, up to a value of 316,272 euros. For properties valued between 316,273 euros and 633,453 euros, the maximum exemption from the lower bracket remains. No exemptions will be given for houses valued above 633,453 euros.

This scheme has been well received and is expected to help and encourage the younger generation to afford their first home.