Only seven weeks remain for overseas property owners to snap up property in Spain at discounted rates.
Back in August this year, the Spanish Government declared that IVA (the Spanish VAT equivalent) would be decreased on properties by 50% until the end of the year, making purchasers liable for only 4% of the purchase price, a saving of €8,000 on a €200,000 home. However, time is running out for overseas property investors to take up the offers, as homes need to be purchased by the 15 December in order to have time for all legal requirements before 31 December 2011.
Many Spanish developers have offered to pay the remaining VAT, making property purchases VAT free, and are now urging customers to invest.
Marc Pritchard, Sales & Marketing Manager for Taylor Wimpey de Espana comments: “We initiated the no VAT policy as a way of assisting potential buyers further especially seeing as buyers have executed caution when committing to Spanish property. Indeed, we have seen considerable interest in our VAT free properties since its introduction and with only weeks to go before this rare time-limited opportunity for investors to purchase their dream home in Spain VAT free ends, we are urging property hunters to invest now before it too late.”
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