Spanish Government extend 4% vat tax reduction on new properties
Wednesday 04 January 2012
Everyone was wondering what the Spanish government would do to help the Spanish property market as 2011 ended, and with it so the reduction in VAT (IVA) from 8% to 4% for brand new properties…
We at Properties247 are pleased to advise that the New Spanish Government under Rajoy, has extended the reduction in VAT from 8% to 4% for brand new properties until the end of 2012. Take a look at our extensive range of properties for sale in Spain to find a property suited to you. This is only applicable on brand new properties, not resales.
Now, a property with a price of 200.000 EUR, will have a reduction in expenses of approximately 8.000 EUR!. With this decision, the Spanish government wants to increase the damaged sector of construction of new properties, with a high level of stock from properties for sale
In short, the initiative will be welcomed by buyers who will see a clear reduction in their purchase costs, developers who will sell a lot more stock and banks who will be financing more new property purchases.
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