Property Transfer Tax Rate Reduced
The stimulus by the Junta de Andalucia is expected to bring further buoyancy to the rapidly recovering Costa del Sol real estate sector through 2021.
The Junta de Andalucia have this week announced a reduction in Property Transfer Tax. This tax is payable by the buyers of resale properties in Andalucia, which of course includes the traditional property hotspots of the Costa del Sol.
Purchasers of properties across the region will now pay a flat rate of 7%, rather than the previous 8%, 9% and 10% rates, and can bring great savings to all buyers at least until December 31st 2021.
Property sales in Marbella, Estepona and Málaga have been recovering strongly since mid-March and it is widely anticipated that demand and prices will continue to surge if C-19 international travel restrictions can be lifted in the coming weeks.
This tax reduction is being welcomed by all of us in the Costa del Sol real estate sector, especially by our clients that are in the process of buying their home in the sun.