Are you under 35 and dreaming of owning your own home in Portugal?
Now is the time to make that dream a reality! Thanks to a new law, eligible young buyers are exempt from paying IMT (Municipal Property Transfer Tax) and stamp duty on their first property purchase. This translates to significant savings, making homeownership more accessible than ever before.
What does the law entail?
Effective August 1, 2024, this exemption applies to individuals under 35 who are purchasing their first primary residence in Portugal. The property’s value must not exceed €316,772. For properties valued between €316,772 and €633,453, a reduced IMT rate of 8% applies.
Here’s how this exemption can impact your savings:
- Scenario 1: You’re buying a €200,000 apartment in Lisbon.
- Before the exemption: You would have paid approximately €4,000 in IMT and €1,600 in stamp duty.
- Now: You pay nothing in IMT and stamp duty, saving you €5,600!
- Scenario 2: You’re purchasing a €400,000 villa in the Algarve.
- Before the exemption: You would have faced around €10,400 in IMT and €3,200 in stamp duty.
- Now: You pay a reduced IMT of approximately €6,400 and nothing in stamp duty, saving you €7,200!
Why is this such a game-changer?
These savings can be used towards your deposit, furnishing your new home, or even reducing your mortgage payments. This exemption empowers young people to enter the property market sooner, build equity, and secure their financial future.
Don’t miss out on this incredible opportunity!
If you’re under 35 and considering buying your first home in Portugal, now is the perfect time. Contact us or check our properties to explore available properties and learn more about how this exemption can benefit you. Our team of experts is ready to guide you through the process and help you find your dream home in Portugal.
This is your chance to step onto the property ladder and invest in your future. Take advantage of this limited-time opportunity and make your homeownership dreams come true!
