Junta launches new website to sell property
The Junta de Andalucia has just launched a new website www.tuviviendaenandalucia.es which shows potential buyers some of the many properties which were left unsold after the once booming construction industry was hit by the financial crisis and offer favourable conditions to encourage sales.
The scheme offer properties, on average, 20 per cent below the market price and mortgages with low monthly payments.
The web provides information about properties that have been unsold by developers as well as links to the websites of banks and other financial institutions with properties for sale and who are participating in the scheme.
The Malaga section already has over 700 properties listed. The Junta points out, however, that the special conditions and loans available can apply to any property that fulfils the Junta´s requirements even if it does not appear on the website.
This new measure introduced in 2010 includes a sum of 1.000 million euros designated for loans for property buyers. Each loan will be between 9.000 and 15.000 Euros. The loans will help to reduce the monthly mortgage repayments during the first eight years. For the first three years, the buyer will be paying interest only and from the fourth to eighth year, the loan will help reduce monthly repayments by between 150 and 250 euros. After the ninth year, normal mortgage conditions will apply.
The properties in the scheme are new builds that are ready to move in to or which will be completed before the end of this year. A requirement is that they must be on sale at their mortgage value which must not exceed 245.000 euros. The agreement the Junta has with participating financial institutions are the mortgages will be for 100 per cent of the asking price with no deposit or commission.
The Junta, via this measure, hopes to convince home buyers that now is a great time to buy. These special conditions will be only available in 2010. They have also reminded buyers that, as from July of this year, VAT will increase and that, as from next year, tax deductions for the purchase of a property will no longer apply.
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