In recent years, the demand in the real estate market has surpassed supply, leading to a continuous increase in housing prices, especially in densely populated urban areas. To alleviate this issue, the Government introduced Law No. 30-A/2024, dated June 20, which offers an exemption from the Municipal Property Transfer Tax (IMT) and Stamp Duty (IS) for the first purchase of a primary residence.
Key Facts About the New Law
- IMT and IS Exemption: The new law provides a unique opportunity for young people to purchase their first home without these additional costs.
- Eligibility: Young individuals aged 35 or under.
- Additional Criteria:
- The value of the property must be equal to or less than 316,772 euros.
- The buyer must not be listed as a dependent in the family tax return (IRS) in the year of acquisition.
- The buyer must not own, nor have owned, any property at the time of purchase or at any time in the previous three years.
- Application Period: The exemption is valid for six months, starting from August 1, 2024, with practical effects beginning on October 1, 2024.
- Special Cases: In joint acquisitions where one of the buyers is over 35 years old, the exemption applies proportionally, resulting in a 50% exemption.
Impact on the Real Estate Market
The implementation of this law is expected to have a significant impact:
- Postponement of Purchase Decisions: Many young people have delayed buying properties, waiting for the law to come into effect.
- Increase in Demand: A substantial increase in demand for properties by young people up to 35 years old is expected once the law is in force.
- Short Application Period: Six months is a relatively short period to complete acquisition processes, so it is essential to start the purchasing process as soon as possible.
- Eligible Properties: A strong demand is expected for properties valued up to 316,772 euros, which fall within the exemption criteria.
Practical Example of Savings
Consider the purchase of a property valued at 280,000 euros:
- IMT: 8,400 euros
- IS: 2,240 euros
With the new law, the savings would be approximately 10,640 euros. Additionally, the State provides a public guarantee for the mortgage, eliminating the need for a 10% down payment on the property’s value. For a property of 280,000 euros, this represents an additional saving of 28,000 euros, further increasing the immediate savings on the property acquisition.
Why You Should Contact Our Team
Our team of consultants at Atlântico Pro Real Estate has over 10 years of experience in the real estate market and is ready to turn this challenge into an opportunity for growth and stability for young people. If you are looking for your first home, don’t miss out on this opportunity. Contact us to learn how we can help you make the best real estate investment.
Contact Us Now!
Don’t waste time and start your acquisition process now to benefit from the exemptions. We are available to clarify all your doubts and offer you the necessary support to ensure you make the best choice. Contact us today and take the first step towards acquiring your new home without the additional burden of IMT and IS.
Atlântico Pro Real Estate – Helping You Build Your Future.
