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What a relief for Spanish property
Property prices in Spain appear to be stabilising overall, but there are now fresh concerns for the market as Spain’s government plans to abolish mortgage tax relief in 2011. The good news here is that anyone looking for a property in Spain, with a view to renting out, need not worry about the proposal as the relief will only apply to primary residences. However, many industry experts feel that this latest measure is likely to have a detrimental market effect as house prices may be increased by those primary residence owners selling at an inflated price in an attempt to recoup any losses. There is a double-edged sword faced by anyone selling a property in Spain, in that the tax relief abolishment may force prices higher. However, the Spanish government has plans to introduce VAT on new homes in 2010, making the second hand market far more attractive in these cash-strapped times. © Copyright
Published: 02-Nov-09
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