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Ireland to subsidize first-time home subscriber’s tax, extend window beyond 2020

By News Desk

Ireland has concluded plans to extend the newly expanded government housing subsidy for first-time home buyers beyond the six-month window announced as part of a plan to stimulate the coronavirus-hit economy.

The plan came days after it boosted the help-to-buy scheme, offering first-time buyers a tax rebate of up to $34,920 or 10% of the value of a property if they buy a newly built home or build one by the end of the year.

Announcing the plan to embark on the policy, Deputy Prime Minister, Leo Varadkar, stated that the plan was to reduce the housing deficit in Ireland.

“It is intended to extend it beyond December 31 but we have to do a consultation with the Central Bank first,” Varadkar told Virgin Television news in an interview.

The government says the expanded scheme is intended to boost supply and demand after property transactions collapsed during the recent lockdown. But opposition politicians say it will just make house prices more expensive at a time when coronavirus restrictions will slow down construction.

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