Spanish Gov boost for property investors
By Kevin Barnett, 28 Mar 2008
Newly elected Spanish Socialist Party (PSOE) led by Jose Luis Rodriguez Zapatero, are promising to make buying a property in Spain easier with a simpler, more buyer-friendly process.
The PSOE vowed to make life easier for buy-to-let investors by allocating funding to better regulate the Spanish property market. Zapatero intends to encourage the purchase of properties for rental through mortgages, while improving security and guarantees for landlords and simultaneously boosting protection for tenants.
The Association of International Property Professionals (AIPP) 2007 market report recently revealed that Spain was still the favourite destination among Brits looking to buy a second home in 2007. In order to sustain this popularity, Zapatero has promised to regulate the property market, a move that will include a shake up of both estate agents and property administrators.
The PSOE has also promised to eliminate wealth tax and increase the tax-free allowance for Inheritance Tax of up to €60,000 will mean that approximately 80 per cent of beneficiaries will now pay nothing plus an exemption for main homes.
Commenting on the new moves, Terry Walker of AIPP founder firm, PropertyInSpain.Net said: “This will make trading in Spanish property safer and improve confidence in the favourite place among British people buying a second home.
"The positive moves should strengthen the decision to buy among thousands of wouldbe buyers registered with us and other leading brokers.”
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