"The time has come to think about buying a home" - these were the words of Ana Maria Fuentes, the Government housing spokes-person, given in an interview last week. They follow the recent measures introduced by the Spanish Government, including the elimination of fiscal deductions starting from 1st January 2011.
What does it all mean - to help the housing sector, tax breaks for property owners who earn more than 24,000 € a year will disappear in 2011, while those who bought their homes before then will not be affected. The current tax break will be reduced for those who earn more than 17,000 €. The incentive is now there for those buyers who to buy before the cut off date to continue receiving tax breaks which will disappear in 2011, while those who wait will no longer qualify. The move has been well received by experts who feel it will kick-start the market.
As in the UK, we are also starting to see an increase in the number of property transactions which was up 0.7% in March compared to February. The year-on-year rate is still well down with a drop of 24.3% but worth pointing out that it is the smallest declient in almost a year (since April 2008).
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