The housing market is constantly evolving. Currently, there is a housing crisis, which is why the government has announced a number of measures for 2023. In this blog, we discuss the most important changes.
Currently, a person aged between 18 and 40 can receive a tax-free gift of €106,671 to purchase a home. From 1 January 2023, this amount will be reduced to €28,947 and from 1 January 2024, the jubilee gift will be abolished completely.
You may also donate less than the maximum jubilee amount. You can donate the remaining amount in the two immediately following calendar years. However, you must actually pay each donation and the recipient must be between 18-40 years of age for each donation.
First-time buyers between the ages of 18 and 35 will be exempt from transfer tax in 2022 when buying a home of less than €400,000. The government has decided that this amount will be increased to €440,000 from 1 January 2023. However, you have to live in the property yourself when doing so.
The National Mortgage Guarantee (NHG) serves as a financial safety net in case you can no longer afford the mortgage. In 2022, you can get a mortgage with NHG when buying a home with a value of up to €355,000. In 2023, this limit will be increased to €405,000. It is wise to take this into account if you are planning to buy a property soon.
Over the next two years, 150 million a year will be made available for the national insulation programme. This will give households the opportunity to make their homes more sustainable, reducing energy costs.
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