New Build Properties near Torrevieja
Spending on new build property in Spain grew by 7.3% in 2016 to stand at 16,334 million euros
The tax collection for VAT applied to new housing amounted to 1,611 million euros in 2016.
Expenditure on the purchase of new homes by households in Spain recorded a growth of 7.3% in 2016 compared to the previous year, reaching 16,334 million euros. On the other hand, the Tax Agency entered 1,611 million euros for the VAT that is applied to this operation.
This is included in the Annual Tax Collection Report of 2016, prepared by the Tax Agency, which indicates that spending on housing purchases returned to that year positive rates after the decline of 1.9% in 2015.
For the Tax Agency, the rise of 2016 seems the beginning of a more sustained recovery, although the level of spending continued well below that of the years prior to the crisis.
New housing purchases are taxed at 10% VAT. In this way, the Tax Agency entered in 2016 a total of 1,611 million euros in this way, above 1.501 million in 2015. These figures contrast with those of 2012, when the expenditure of homes in new housing was 24,928 Million and VAT collection was 997 million, since the rate applied was 4%.
