The Spanish government has made a big temporary change to Spanish Property Law. They have reduced the property tax for new dwellings from 8% to 4%, totalling a 50% saving in taxes previously due. This represents a large saving for buyers wishing to purchase a brand new property.
So which properties is this law applicable to?
This is applicable to new properties only. These are properties handed over by the developer. Resale or second-hand properties still carry 7% IVA. The law also includes up to two parkings that are attached to the residential property and are transferred on the same deeds. Please note that commercial premises and individual parking spaces do not fall into this category.
So how long do buyers have to reap the benefits of this new law?
Please note that at present, this law is only temporary with a very small window of opportunity.It commenced on th 20th August 2011 and terminates at the end of the year, that is 31st December 2011.
The law presents great savings for clients wishing to save and therefore for those wishing to buy new, We have a number of excellent developments which fall into this category. Some of the developments which provide excellent value for money are listed below:
Sotogrande- Torrreguadiaro area:
Manilva – (Duquesa and Sabinillas Area)
Time is ticking – contact us now to make the most of this saving!
For more information, check out this blog.