Helping Young People Buy Homes: Portugal's Tax Break Plan Works

Portugal's plan to help young adults buy their first home is working. The government offers tax breaks on homes under a certain price. This has helped over 70, 000 young people in just over a year. The finance minister shared this news. He also said that more than half of the money set aside for this plan has already been used. The government added more money to keep the plan going. The tax break applies to homes under about 300, 000 euros. It also helps with homes up to 600, 000 euros. This is a big deal because buying a home is expensive. The tax break makes it easier for young people to afford a home.Portugal has a housing crisis. There are not enough homes for people to buy or rent. This is especially true in big cities like Lisbon. Home prices and rents have gone up a lot in the last 10 years. The minister said they need to build more homes. But building homes takes time. The housing crisis is worse because many foreigners are buying homes in Portugal. They have more money. This makes it harder for young Portuguese to buy homes. The government's plan is trying to balance this out. It is helping young people compete in the housing market. The plan started late last year. It is still new. But it is already helping a lot of people. The minister said the plan is a success. It is enabling many young people to buy homes. This is good news for young adults in Portugal.