Spanish property VAT cut ends soon

andres del risco

Those looking to invest in property in Spain have a few weeks left to take advantage of the cut price VAT deal currently on offer, as the rate will increase on the first day of 2013.

With the country one of the worst hit by the ongoing European financial crisis and unemployment rates at an all time high, the VAT reduction deal was aimed at increasing investment from overseas in order to help kick start the once-booming Spanish construction industry.

Taken in tandem with the growing strength of the pound against the Euro and historically low interest rates, everything is set for a few more weeks to make an inviting package on all fronts.

The low interest rates mean that a Euro mortgage is much cheaper than it was even when compared to the lows of 2010.

The interest usually used to calculate mortgage repayments in Spain is the Euribor and in November it fell to the lowest level on record when it hit 0.588%, which is a full 71% lower than the same time last year.

This figure represents a fall of almost 90% below its peak of 5.393% in July 2008 and is the result of 13 consecutive months of decrease.

If you are looking to invest in a new property in Spain there is still time to take advantage of the VAT reduction if you move fast.

However, it is still essential to carefully consider the many different options available when it comes to how you finance the deal.

When it comes to Euro mortgages or transferring money abroad it is important to take professional advice on the various exchange rates in play and compare the market of mortgage deals available for your purchase.

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Spanish property VAT cut ends soon

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