The anxiety over new increases in real estate prices is driving thousands of families to move first: instead of selling, they're transferring. Purchases are slowing, but parental contributions and donations are up with record rates, as owners take advantage of the 800 euro tax-free to "lock in" their property to their children before anything changes in the tax landscape. The AADE data reveal a new reality: a market shifting from the logic of investment to the security of tenure. According to official data from the AADE for the period January-July 2025, revenues from property transfer taxes stood at €367.43 million, compared to €385.23 million in the same period last year, a 4.6% drop. The downturn was even more pronounced in the first quarter, with receipts from purchase and sale transactions down 17.5% year-on-year in 2024. But the picture changed from May onwards, when transactions picked up again: in the May-July quarter, receipts...