| FAIRWAY VILLA, PHASE 1 |
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| Location: HACIENDA DEL ALAMO |
| Floor space: 225 sqm |
| Bedrooms: 5 |
| Purchase price on application |
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Condition: Clear
Temperature: 7°
Humidity: 57%
Wind: W at 4 mph |
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« Overview
| SPAIN SEEKS TO BOOST PROPERTY MARKET |
Spain's government halved the tax on new home purchases on Friday in a fresh move aimed at stimulating the stricken property market while trying to reduce the nation's budget deficit.
Value addit tax on new flats and houses will be cut to 4 per cent from 8 per cent until the end of year following appeals from indebted construction campanies and property developers. They are eager to offload hundreds of thousands of empty homes build during the property boom that ended in 2007.
The weekly cabinet meeting also approved prviously announced measures to raise an extra €5bn for the exchequer this year, in a drive to ensure the public sector deficit is cut to 6 per cent gross domestic product as planned from 9.2 per cent last year.
Half the money will be raised by bringing forward the date of coporation tax payments by big campanies, and the rest by reducing the cost of pharmaceuticals for the public health system, partly by promoting the use of cheaper generic drugs.
"No one can daubt the determination of the government to improve the strength and sustainability of our economy," said José Blanco, public works minister, who appeared with Elena Salgado, finance minister, to explain the new measures.
Josč Luis Rodrěguez Zapatero, the Socialist prime minister, has called an election for November 20 that his party is expected to lose to the rightwing Popular party.
In the meantime, he is struggling to convince sovereign bond markets that Spain will meet its deficit targets to stop the economy sinking back into recession...
Article coutesey of Financial Times
Sol Times - costa Calida, Issue 192, 24 -30 Aug., www.soltimes.com, page 19
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