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Improved funding for home buyers under 35 years of age

In an era of reactivation of the real estate market, the official measures to encourage property purchase are re-emerging. Thus, for this year it is predicted that the State Housing Plan will be enforced. It will cover the period of 2018-2021. Among the objectives set by this plan are the encouragement of people under the age of 35 to buy property. 

These extensive grants have the aim of opening the real estate market to a sector characterised by its lower financial capacity. This help to buy a home scheme is limited to a maximum of 10,800 euros, provided that it does not exceed 20% of the property's purchase price.

The eligibility criteria for this grant is subject to the fulfillment of certain requirements by the beneficiaries. The prospective owner of the property who will be receiving the money under this State Plan can not own another property within Spanish territory. In addition, the property must be used as a permanent residence for no less than 5 years.

The financial situation of the applicant is also established. Regarding the salary of the applicant, this must not exceed the Multiplier for the Public Income Index (IPREM) by three times, which means a total amount of 22,365.42 euros.

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Photo: Pixabay

In addition, these government-funded grants will not be just for buying a home. Provisions are also included for those who decide to rent a flat as their habitual residence. In this case, the financial aid can amount to half the monthly rent. However, this rental figure must not be greater than 900 euros, an amount that exceeds the 600 euro limitations on previous state plans. To qualify for this incentive, the income criteria for the appliant who wants to rent a property with the help of this incentive will be the same as those who want to buy.

These measures are also intended to restrict the recent increases in rental prices. Although the rental option has in recent years been gaining popularity in Spain, the scarce supply of properties for rent has caused prices to increase, especially in Madrid and Barcelona.

A good way to take advantage of these government schemes in Barcelona is to go to the offices of Engel & Völkers, a leading real estate company in Barcelona. With almost 40 years of international experience, the company's success is known worldwide. At Engel & Völkers, it is possible to choose from a wide range of properties, such as flats, penthouses, villas, or any other type of property in the most exclusive areas of Barcelona.

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