There is good news for property buyers on the Costa Del Sol! Now is the perfect time to buy a property on the Costa Del Sol! The Junta de Andalucia (Andalusian Government) announced on the 29th April a reduction in Property Transfer Tax (Impuesto de Transmisiones Patrimoniales or ITP). This is the biggest cost that you pay above the sales price.
What Does This Mean?
This is the tax paid by the buyers of resales properties across Andalucia, including the Costa Del Sol.
Before, depending on the cost of the property you were purchasing, the Property Transfer Tax rate would be between 8% to 10%. Whereas now, the new rate is a flat rate of 7%, regardless of the property price.
What Is The Advantage Of This?
This will be an excellent saving for buyers who are looking to purchase a property on the Costa Del Sol.
How Long Will The Property Transfer Tax Remain At 7%?
Buyers must be aware that this new law will only be in force until 31st of December 2021.
The Andalusian Government has enforced the 7% in order to boost the property market so 2021 is the perfect year to purchase a property.
Discover why the Costa Del Sol is the perfect area to relocate.
At Zoco Home Estates we are dedicated to our clients and ensure in finding your perfect home on the Costa Del Sol. Additionally, we offer a FREE interior design service to complete your home.
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