The Ministry of Finance said this evening that, as announced in the Budget, the scheme exempting those buying their first residential property from the 3.5% duty on the first €150,000 of the property value ends on June 30.

However, following requests from notaries, while the deadline for the promises of sale to be signed will remain June 30, 2015, the deadline for the registration of the final deeds is being extended by three months until September 30.

"In view of the successful uptake of this scheme, the Ministry for Finance has been approached by various stakeholders who have requested this partial extension. The Ministry has considered the request as reasonable. This partial extension will help avoid undue pressure on notaries’ offices during the last weeks prior to the deadline."

"The scheme has been a huge success in helping young people buy their first home, and has given a much-needed stimulus to the property market and the economy," the ministry said.