Buyers Pay Reduced Property Transfer Tax in 2021
Buying a property in Andalucia is now less expensive, at least until December 31st 2021.
The Junta de Andalucía have announced a reduction in Property Transfer Tax for buyers of resale properties in Andalucia. This is the tax paid on the purchase of used properties in the autonomous community in southern Spain, which includes the Costa del Sol and its ever popular property hotspots of Málaga, Marbella and Estepona.
The previous graduated tax rates of 8%, 9% and 10% have been replaced by a flat 7%, regardless of the purchase price. This can bring huge savings to buyers at every price bracket and is being welcomed by all of us in the Costa del Sol real estate sector.
Property sales on the Costa del Sol have been recovering strongly since mid-March and it is widely anticipated that demand and prices will continue to surge if covid travel restrictions are lifted in the coming months.