Good news for Buyers! Resales Tax in Andalucia to Stay at the Reduced 7% Rate

Earlier this year, on the 27th April 2021, a law was approved to reduce the tax rate on the purchase of a resale property in the region: down from the previous rates of 8%, 9% and 10% to a single general rate of 7%.

Simarlarly, the tax rate on documented legal acts in Andalucia, Spain, for notorial documents was reduced from the previous rate of 1.5% to 1.2%.

Originally, both reductions were to last only until December 31st 2021, but with the new law published on the 3rd November 2021, the reduced rates will continue to apply indefinitely.

This is great news for those interested in buying a property on the Costa del Sol, indeed very positive news for the real estate industry across the region in general, where sales are more active than anytime since 2008 and demand is steadily increasing as many countries gradually move away from the restrictions of Covid.

So, whether you are wanting to buy a home on the Costa del Sol with the idea of generating a good financial return, or to reside in southern Spain for part of the year or permanently, now is one of the best possible times to make your move. The Costa del Sol remains one of the most popular areas in all of Spain with investors from all over the world.