REAL ESTATE – MARBELLA – The best time to buy a house on the Costa del Sol – Marbella
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The Opportunity to buy a home until 31.12.2021 on the Costa del Sol – Marbella
One of the urgent measures taken by the Junta de Andalucía to alleviate the economic crisis generated by Covid-19 consisted of encourage the purchase of housing in the community.
To do this, it approved on April 27 a decree law to lower the general rate of the Property Transfer Tax. This decree law came into force on April 28 and will be in force until December 31, 2021. A law that will benefit 4 million Andalusians according to the Government.
Lowering of the Tax on Patrimonial Transmissions
To promote home purchases, the Andalusian Government lowers the Property Transfer Tax, a tax that is applied to second-hand homes.
This new decree consists of reducing the general tax rate applicable to the transfer of real estate, going from a gradual rate based on the value of the home that varied between 8%, 9% and 10%, to a single general rate 7%.
Therefore, this is a good time to buy or invest in Marbella. This 2021 is the perfect combination: lower taxes, lower prices and lower interest on mortgages.
The best time to buy a home in Marbella
Have you been on vacation on the Costa del Sol – Marbella, and have you been wanting to stay longer or even stay to live?
The last quarter of the year is a good time to tighten up with the objectives of the year and if one of those objectives is to buy a property on the Costa del Sol – Marbella, you will love this article.
Is it the best time to buy a property in Marbella?
We answer this question with a resounding yes, this is a good time to buy in Marbella. We tell you the 3 main reasons to buy before the end of the year:
The ITP tax (Tax on Patrimonial Transmissions): has decreased. Let’s take an example:
- In a house with 200,000, before the ITP was 8% = € 16,000, now the ITP is 7% = € 14,000. Savings € 2,000.
- In a house of € 500,001, before the ITP was 9% = € 45,000.9, now the ITP 7% = € 35,000.07. Savings € 10,000.83.
- In a house of € 700,001 before the ITP was 10% = € 70,000.1 now the ITP 7% = € 49,000.07. Savings of € 21,000.03.
The interest rate is negative, something historical: In the sixth month of the year, 37,961 loans were registered for the purchase of a house, 41.2% more year-on-year, according to the INE. The interest of the financial sector to attract new customers via mortgages is leading to a sharp drop in loan interest rates. So much so that they are currently at historic lows.
Therefore, if you want to buy a second-hand home in Marbella or in any area of the Costa del Sol, without a doubt, this is the best time to buy. Keep in mind that this measure will be in effect until December 31, so you have 3 months to save between 1% and 3% depending on the value of the home.
Encourage the offer of new construction
Another measure that has come into force is the reduction of the Tax on Documented Legal Acts (AJD). It is intended to encourage the offer of new construction at more affordable prices. Thus reducing the general tax rate for notarial documents from 1.5% to 1.2%.
Ultimately, what is intended is to alleviate the tax burden on access to housing.
If you are thinking of buying in Marbella, I think now is the best time, because it is a province that is increasingly in demand by foreigners. Also, prices can be better negotiated as there is less demand.
If you need help to find the ideal home, the paperwork, the procedures and the negotiation, do not hesitate to contact Marbella WOHNEN, your Real Estate Agency in the area.
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