We would like to share some excellent news for future property buyers in Marbella! The Andalusian government has announced measures to stimulate and reactivate the property market in our beautiful sunny region by reducing the property transfer tax (ITP).
As a reminder, when buying a property in Marbella, the scale was as follows:
Let’s see as an example of the purchase of a property with a value of 1,000,000 euros.
- 8% tax up to 400,000 euros (or 32,000 euros)
- 9% tax between 400,000 euros and 700,000 euros (i.e. 27,000 euros)
- 10% tax above the amount of 700,000 euros, in our example this means 300,000 euros subject to the 10% rate (i.e. 30,000 euros).
The total price of taxes (ITP) would have been 89,000 euros.
With this new measure in place, the cost of taxes will be reduced to the amount of 70,000 euros, a saving of 19,000 euros, which is a real incentive and new for the Marbella property market. Of course, if the purchase price is higher, the savings will be so as well. For example, the purchase of a 5,000,000 euro villa will result in a saving of 139,000 euros.
This measure will undoubtedly cause a great increase in demand for second-hand properties in Marbella and this is without counting on the imminent reopening of the borders between Spain and the rest of the world.
New developments will retain their 10% VAT transfer tax rate. They will benefit from a discount on stamp duty (AJD), reducing the applicable rate to 1.2% instead of the current 1.5%.
Please bear in mind that these measures will only apply until 31 December 2021. I also invite you to visit our web page. We have more than 680 properties for sale, indicate your preferences, add your filters and find the property of your dreams.