Andalucia government provides billion euro subsidy for homebuyers
(Fri, 13 Nov 2009)
Those looking to retire to the sun in Andalucia, southern Spain, have been given a helping hand by the local government (Junta).
A one billion euro scheme to subsidise sales of newly-built properties has been announced by the Junta in a bid to rid the region of its glut of 70,000 empty houses.
It offers a substantial reduction – around 20% – to make the property price equal to the mortgage value originally granted to the developer.
This translates as between 9,000 and 15,000 euros, depending on the specific circumstances of the applicant. In total, this could save up to 230 euros per month according to the Junta.
The scheme applies to buyers intending to use the house as their main residence and needing a mortgage of up to €245,000. It will begin in January, running until the end of 2010.