Wednesday 23 June 2021

Property tax cut leads to surge in young house buyers


Some six in 10 house sales in the first three months of this year involved a buyer under the age of 35, compared with 45% in 2020, land registry agency Kadaster said on Wednesday.

At the same time, average prices rose to €379,000 as the 2% property transfer tax for young first-time buyers was scrapped.

The government dropped the tax for youngsters and increased it to 8% for landlords in an effort to help young potential buyers get a foot on the housing ladder.

The research also shows that the average age of someone buying a home has fallen from 45 to 36 – a drop which can only be explained by the tax incentive, the Kadaster said. In total, the number of houses changing hands in the first quarter was up 29% on the same period in 2020

Since April, the tax cut has only applied to properties costing less than €400,000.

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