One of the cornerstones of the new policy that the administration has unveiled is the promotion of youth housing. It is also known that an Extraordinary Council of Ministers dedicated to this topic will approve the measures for this population segment.
A proposal to exempt young people up to the age of 35 from IMT and seal tax on the purchase of their first home in properties up to the fourth IMT level, or up to 316,000€. Additionally, the proposal calls for the creation of a public guarantee to allow bank financing for the first home purchase.
Before the official housing strategy presentation on Friday, May 10, 2024, in Porto, Miguel Pinto Luz spoke about the IMT exemption for young people to purchase their first home up until the age of 35. He mentioned that this exemption would be limited based on their income, but he referred questions about the specifics of the measures to the Extraordinary Council of Ministers.
The minister stated that the exemption from income-tax (IMT) will have an income limit, meaning that young people will no longer benefit from this tax measure. The minister further stated that "all measures in the area of youth" will be poured into a "letter of Law" and presented to the nation at this extraordinary meeting, which will be "announced soon."
The government's proposed changes to Porta 65, including ending exclusions due to "lace boundaries" and an emergency programme for student housing, will also be approved by this Council of Ministers in addition to the IMT exemption issue. The housing strategy will specify a 15-day period for approval of these measures.
Pinto Luz said that the government is working "in a committed" manner for youth and emphasised the need to "stop the exodus" of youth. However, she also brought up the reality that housing was, for a long time, the "poor relative of Social state."
"There has been a divestment in housing over the last 20 years," he stated, emphasising that the intention is to mobilise efforts rather than assign blame. We don't need to keep dividing and blaming one another for our problems. However, the truth is that we haven't made much of an investment in this crucial social state pillar in the last 20 to 30 years," he stated.
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