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NEW PLANS TO REJUNENATE HOUSING MARKET
Staff Reporter / 2009-12-08 14:33:55
Housing Minister Beatriz Corredor says her department is enacting far-reaching structural reforms to fix the ailing property market. “We have spent decades promoting the purchase and construction of new homes, over renting and regeneration. Fiscal measures are a very important way to move things forward,” she said.
Tax incentives for the purchase of new homes will be phased out in January 2010, as part of the Sustainable Economy Law. Instead, a new approach to urban planning will prioritize refurbishment and regeneration with VAT reductions and lower income tax. “Businessmen are starting to believe this is not a passing phase, and the first to react will enjoy the best advantages,” she said.
The bottom fell out of the Spanish housing market last year, leaving a stock of an estimated 1.5 million unsold homes. Doctors say Haidar could survive “days or hours” Minister promises new real estate model.
Tags: House Market, Spain, Costa Del Sol. Propertyportal
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