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Article copyrighted © 2021. Plagiarism will be criminally prosecuted.
By Raymundo Larraín Nesbitt
Lawyer - abogado
11th of July 2021
As we've been reporting over the last months (since March 2021) the property market is undergoing a sale frenzy in Marbella, and Costa del Sol, specifically the higher-end over €1mn.
We have reviewed in detail the reasons behind this (for reference our Idealista article: Marbella’s high-end market is booming!).
But this phenomenon is not exclusive to Marbella by any means. It can be predicated of other parts in Spain, such as the Balearics.
As El Mundo newspaper reported last week, over 573 villas are being sold every day in Spain following data from Spain's Land Registry Association. We need to go back 14 years, to 2007, to witness such a frantic property sale frenzy. These are sale figures unseen since Spain's last property boom.
In the particular case of Andalusia, the huge tax cut in taxes on buying property has prompted a huge leap on house sales. As a personal anecdote, I had to stand up the other day at a notary in a house sale for three hours straight because all available seats were taken! I hadn't experienced this since 2007, during the last property boom, which started in 1997 and went on until 2007 (ten years).
Tha property market's changed in Andalusia (high-end) over the last five months, since the drastic tax cuts of 28th April 2021. We are now in a seller's market!
It has now become apparent to all – as we had continuously highlighted and defended in all our articles and blog posts – that property buyers are highly sensitive to tax changes. The fact that a foreign investor can now buy a villa in a prime location in Marbella and pay 30% less tax, or even less, has certainly had an impact on the real estate market. These are the type of tax incentives politicians should be working on to foster foreign investments in Spain, which in turn help to create jobs and wealth.
Grateful voters remember these things, just sayin'...
Im nin'alu daltei n'divim daltei marom lo nin'alu.
Even if the gates of the rich are closed, the gates of heaven will never be closed.
At LNA we can assist you buying, selling or renting out your property in Spain. We have 18 years’ experience in conveyance & tax. We are also specialized in Immigration & Residency permits.
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Larraín Nesbitt Lawyers is a law firm specialized in taxation, inheritance, conveyancing, residency, and litigation. We will be very pleased to discuss your matter with you. You can contact us by e-mail at email@example.com, by telephone on (+34) 952 19 22 88, or by completing our contact form to book an appointment.
Please note the information provided in this blog post is of general interest only and is not to be construed or intended as substitute for professional legal advice. This article may be posted freely in websites or other social media so long as the author is duly credited. Plagiarizing, whether in whole or in part, this article without crediting the author may result in criminal prosecution. VOV.
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