A report from the Andalucian regional government has been released approving a law that came into force on the 28th of April 2021. Decree-law 7/2021 of 27th April reducing taxes on the purchase of property in the Andalucian region. Will be reviewed, and come to an end on the 31st December 2021.
The most relevant taxes that are affected and being reduced are property purchase tax, on second-hand properties, and stamp duty on the property transactions. The transmission tax – ITP– (payable on second-hand properties) has been reduced from the previous charge of 8% to the new standard charge rate of 7%. This rate is for all purchases, removing the previous higher tiers for properties over €700.000.
Stamp duty – AJD – had been charged at 1.5%, this has now been reduced to 1.2%. The tax reduction affects declarations for new work and other property-related transactions that need to be signed before the Public Notary.
This is great news for the property market, which in some areas is busier than ever, with records sales during the first quarter of 2021. With travel restrictions hopefully being eased and with travel within the provinces of Andalucia now being allowed, the signs are looking very positive on the property front.
We are here to help people both buying and selling, so let us help you achieve your goal. We will guide you on your property journey, ensure the processes are followed for a smooth transaction to your new lifestyle.
If you are considering selling your property now is the time, we have many clients waiting for properties to become available for sale. Contact us today for a free valuation! Our professional and experienced team continue to win awards for services and approach to the task at hand.
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