‘End of year rush’ predicted for Spanish property

‘End of year rush’ predicted for Spanish property

Spanish property experts are predicting an 'end of year rush' for property in Spain, with buyers looking to snap up bargains ahead of Christmas.

Today is the last day for investors to make the most of the 50% VAT decrease introduced by the Spanish government in August, as all properties have to be purchased today in order to have time for legal requirements to be fulfilled before the end of the tax break on the 31 December 2011.

Ben Walker, sales manager for the property firm, commented: "The increase in activity in the last quarter of 2011 suggests that many of these manana [tomorrow] buyers have decided to make their move while the choice of well-located, well-priced properties remains good."

Experts are citing a number of factors alongside the tax breaks for the surge in interest, including the low interest rates offered on savings accounts, which are pushing people to seek out assets that generate a better return. Also a driving factor is the fact that many experts believe prices will start to rise again in Spain come the New Year. Murcia, Tenerife and Malaga are already seeing an upturn in property values and it is believed that this is a sign of a wider recovery.

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