Young Portuguese Up to 35 Years Benefit from IMT and Stamp Duty Exemption on First Home Purchase

Starting this month, young people up to 35 years old in Portugal will benefit from an exemption from paying the Municipal Tax on Onerous Property Transfers (IMT) and Stamp Duty when purchasing their first home. This measure aims to ease access to housing for the younger generation and can result in significant savings, potentially up to €13,700.

Significant Financial Relief

The IMT is a tax paid when buying a property, with its amount depending on the property's price and location. The exemption from this tax, along with the Stamp Duty exemption, significantly reduces the initial financial burden faced by young people when buying their first home. This benefit applies to properties intended for primary residence and aims to make home ownership more accessible to young adults, encouraging property ownership.

Who Can Benefit?

To be eligible for this exemption, buyers must be up to 35 years old, and the purchase must be their first home intended for permanent residence. Additionally, there are requirements regarding the property's value and location, which must be verified on a case-by-case basis.

Expected Impact

This measure is expected to significantly increase the number of young homeowners in Portugal, contributing to long-term financial stability and promoting housing independence. The potential savings of up to €13,700 can make a big difference for many young people who might otherwise struggle with the initial costs of buying a home.

An Inclusion Measure

This initiative represents an important step in increasing housing inclusion and offering significant financial support to the younger generation. By reducing the costs associated with buying a home, the government hopes to encourage more young people to invest in property, thereby promoting greater stability and growth in the Portuguese real estate market.

At Algarve Property.com, we understand that finding your perfect home is more than just a transaction; it's a life-changing journey. With our expertise and personalized approach, we're here to guide you every step of the way, ensuring your real estate dreams become a reality. Whether you're buying, selling, or investing, trust us to provide the support and dedication you deserve.

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