VAT to Purchase brand new properties reduced down to 4%
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For those who are considering to purchase a brand new property.....don't forget to request your bank guarantee!!!! http://www.elmundo.es/elmundo/2011/08/19/espana/1313754842.html
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It's a move in the right direction.
I wonder if it is enough to entice buyers to look at new units rather than re-sale properties.
There are many other benefits to re-sales.
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It would be interesting to hear peoples thoughts on what difference this move might make - ie
Did it go far enough?
Anyone rushing to Spain to take advantage (I know agents were busy emailing yesterday!)
Will new builds now be more attractive or still better bargains in re-sale?
Will this just lead to further price reductions in re-sale?
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This change of tax regulation it is just helpful for the government which is in need of finance to pay the debts. It is better to get a 4% than nothing. How this will affect property demand and prices in Spain? In a situation of a 20% of unemployment, increasing interest and spread rates for mortgages, and difficulties to get the finance from banks will not push demand up and prices will keep on going down, I am afraid. Suntrap Property
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www.suntrap-property.co.uk
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Whatever the VAT/IVA rate is, the most important factors when buying a new build/Off-plan property is to use an independent Lawyer with a good track record and to ensure that you receive valid Bank Guarantees for all your deposit and stage payments.
And then....also very important.....make sure that your Lawyer has a copy of the First Occupation Licence before you complete the purchase!
Kind regards
Keith
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LEY 57/1968
CLICK HERE FOR THE BANK GUARANTEES IN SPAIN WEBSITE
  
fpag@btinternet.com
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