SPANISH GOVERNMENT HALVES PROPERTY TAX IN ORDER TO BOOST CONSTRUCTION SECTOR
The Spanish Government have announced that they are launching a scheme which is aimed at halving the tax required to be paid on new build properties. Currently buyers of new build properties pay 8%. This will be reduced to just 4% until the end of the year in a bid to reduce the amount of excess stock of unsold houses.
Jose Blanco, a Spokesman for the Spanish Government noted that this was a "temporary and extraordinary measure".
The number of properties sold in Spain in June 2011 (exclusing social housing) was less than 25,000 - down 26% on the previous year and worse than 2009 sales which was considered by many analysts to be the height of the credit crisis. If the drop continues at the same pace it will be the worst year for newly built Spanish property in 30 years.
Spain is still the number one destination for nearly 1 million Brits and demand for resale properties is beginning to pick up, especially in the Alicante and Murcia regions, where EasyJet have announced that they will be introducing new flights, and where Paramount have confirmed that they will build one of Spain's biggest theme parks.
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