BREAKING: Andalusia to lower real estate acquisition taxes for the rest of the year
The Andalusian regional government aims at boosting the local real estate market by alleviating the fiscal burden on new buyers
From this week until the end of 2021, buying real estate in Andalusia is going to be notably cheaper, due to significant changes in their fiscal policies: as reported by El Mundo, purchases of property in the region used to be submitted to a real estate ownership transmission tax that amounts to 8,9% or 10% of the price of the property, and that tax has now been reduced to a 7% flat rate, reducing the actual price by thousands of euros, even for the smallest properties.
Moreover, the supplementary 1,5% tax on real estate purchases, which covers the legal costs linked to the transaction and to the transmission of ownership is now reduced to 1,2%.
Andalusian authorities hope this will redynamise the region’s real estate market, which had previously suffered from the COVID-19 pandemic and from high fiscal rates implemented by the previous governments.
This special regime is already active, and is scheduled to last until the end of the year.