The temporary exemption from Andalucía's Transfer Tax (Impuesto de Transmisiones Patrimoniales, ITP) on second-home acquisitions—extended through June 30, 2026 via Decreto-Ley 4/2024 de Medidas Urgentes en Materia Tributaria—expires in 25 days, restoring the standard 10% rate on July 1. For non-resident foreign buyers acquiring resale properties in Marbella's premium enclaves, the arithmetic is blunt: a €2 million villa on the Golden Mile will incur €200,000 in ITP under the current exemption structure, but €400,000 from July 1. A €3 million estate in La Zagaleta jumps from €300,000 to €600,000.
The Junta de Andalucía has signalled no further extension. Hacienda Andaluza published no draft replacement relief in its May 2026 circular to the Boletín Oficial del Estado (BOE), and regional treasury officials confirmed to the Colegio de Notarios de Andalucía that the phase-out is final. The lapse arrives as Madrid's competing tax incentives—including the continuation of its 6% ITP cap for properties under €1 million and the Beckham Law's flat 24% IRPF rate for qualifying residents—sharpen the capital's advantage over Andalucía for mobile HNW buyers.
The Tax Cliff: Worked Examples Across Marbella's Prime Submarkets
ITP applies to resale properties (those previously owned), while new-build purchases incur 10% IVA (Value Added Tax) instead. The exemption under Decreto-Ley 4/2024 reduced ITP from 10% to 7% for second homes valued above €400,000, with additional sliding relief for transactions between €400,000 and €700,000. From July 1, the flat 10% rate returns across all price bands for non-primary residences.
Sierra Blanca: A 600 m² villa listed at €2.4 million currently attracts €168,000 in ITP (7%). Post-July 1: €240,000 (10%). The €72,000 delta equals 3% of purchase price—material when stacked against rental yield compression in Marbella's tourist-let market, where the January 2026 alquiler-turístico law capped short-term rental licenses and drove gross yields from 5.2% (2024) to 3.8% (Q1 2026) for unlicensed properties, per data from the Registro de Turismo de Andalucía.
La Zagaleta: A €5 million estate on Calle los Granados currently costs €350,000 in ITP. From July 1: €500,000. The €150,000 increase represents the annual maintenance budget for many La Zagaleta properties and erodes the arbitrage that made Andalucía competitive against Portugal's Non-Habitual Resident (NHR) regime (abolished January 2024 but grandfathered through 2033 for existing beneficiaries).
Puerto Banús: A €1.2 million penthouse in Playas del Duque: €84,000 ITP today, €120,000 from July 1. The €36,000 gap is non-trivial for buyers already navigating the abolition of Spain's Golden Visa (Ley 1/2025, effective January 15, 2025), which removed the €500,000 property-purchase pathway to residency and shifted demand toward higher-ticket acquisitions that justify residency via entrepreneurial or professional routes.
Nueva Andalucía: The Golf Valley's resale market—dominated by 1990s-era villas on parcels near Los Naranjos, Aloha, and Las Brisas—sees typical transactions at €1.5–€2.5 million. A €1.8 million four-bedroom villa currently incurs €126,000 ITP; post-deadline, €180,000. Buyers in this segment often structure purchases through Spanish SLs (Sociedad Limitada) to optimize inheritance tax and IRPF exposure, but corporate acquisition does not escape ITP—the tax applies to the asset transfer regardless of buyer entity type.
Notario Data: Q2 2026 Transaction Velocity Spikes 34%
The Colegio de Notarios de Andalucía's Q2 2026 transaction velocity report, released May 28, shows escritura (deed) registrations for properties above €1 million in Málaga province rose 34% quarter-on-quarter, the sharpest Q1-to-Q2 jump since Q2 2021 (the post-pandemic rebound). Notarios in Marbella, Estepona, and Benahavís report scheduling backlogs extending into late June, with some offices adding Saturday signing slots to clear the pipeline before the June 30 cutoff.
"We are seeing buyers accelerate closings that were planned for Q3 or Q4," said a notario in Marbella's Casco Antiguo who requested anonymity due to client confidentiality. "The €200,000 saving on a €2 million property is a Board-level decision for family offices. It is not speculative; it is arithmetic."
The surge is concentrated in resale inventory. New-build transactions—which pay 10% IVA regardless of the ITP exemption—show no corresponding spike. Developments such as Karl Lagerfeld Villas in Sierra Blanca (€3.5–€6 million, delivery Q4 2026), Le Blanc Marbella in the Golden Mile (€2.8–€4.2 million, Q1 2027), and Epic Marbella in Nueva Andalucía (€1.9–€3.1 million, Q3 2027) report steady reservation rates unchanged from Q1 levels. The ITP deadline is a resale-market phenomenon.
Madrid's Structural Advantage Widens Post-July 1
Andalucía's ITP exemption was introduced in 2020 as a demand-side stimulus during the pandemic property slump. Madrid maintained its 6% ITP rate (for properties under €1 million) and 7% for higher values throughout, but layered in aggressive wealth-tax relief: the Comunidad de Madrid's 100% bonificación on Impuesto sobre el Patrimonio effectively zeroes wealth tax for residents, a structure Andalucía does not match (Andalucía applies the national wealth-tax scale, currently 0.2–3.5% on net assets above €700,000 per individual).
For a non-resident buyer comparing a €3 million Madrid apartment in Salamanca versus a €3 million Marbella villa in Cascada de Camoján:
- Madrid (post-July 1): 7% ITP = €210,000. Zero wealth tax if buyer establishes residency. Beckham Law eligibility (Ley 16/2012) allows 24% flat IRPF on worldwide income up to €600,000 for six years, versus Spain's progressive 19–47% scale.
- Marbella (post-July 1): 10% ITP = €300,000. Wealth tax applies (€700,000 exemption, then 0.2% rising to 3.5%). Beckham Law available but does not offset wealth tax. Alquiler-turístico restrictions cap rental income potential.
The €90,000 ITP delta, compounded by Madrid's wealth-tax elimination, shifts the five-year total-cost-of-ownership calculus materially in Madrid's favor for buyers who can establish residency. Marbella retains lifestyle and climate advantages, but the fiscal arbitrage that underpinned the 2020–2025 demand surge is narrowing.
Why the Junta Is Letting the Exemption Lapse
Andalucía's regional budget for 2026, approved in December 2025, projects €1.84 billion in ITP revenue, up 22% year-on-year. The exemption cost the treasury an estimated €340 million annually in foregone revenue, per the Consejería de Hacienda's 2025 fiscal impact assessment. With Spain's central government under pressure to reduce the deficit to 2.8% of GDP (from 3.6% in 2025) under EU Stability Pact commitments, regional governments face hard budget constraints.
The Junta's decision to let the exemption expire also reflects political calculus: Andalucía's property market recovered faster than other regions post-pandemic, with Málaga province recording 47,320 property transactions in 2025 (up 11% from 2024), per the Ministerio de Vivienda. The regional government judges that demand elasticity is low enough—driven by lifestyle, climate, and international buyer diversification—that the 10% ITP will not materially dent transaction volumes.
Early evidence is mixed. The Asociación de Promotores Inmobiliarios de Málaga reports that international buyer inquiries for resale properties dropped 19% in May 2026 compared to May 2025, though new-build inquiries rose 7%. The divergence suggests price-sensitive buyers are shifting toward off-plan inventory to avoid ITP entirely (new builds pay IVA, which is non-negotiable but perceived as "cleaner" for buyers unfamiliar with Spanish resale-tax structures).
Strategic Implications for Buyers: The Closing Window
For buyers with signed Contrato de Arras (reservation contracts) but pending escritura, the June 30 deadline is absolute. ITP liability is determined by the date of escritura registration at the Registro de la Propiedad, not the signing date of the private contract. A buyer who signed an arras in March 2026 but delays notarization until July 2 will pay 10%, not 7%.
Notarios advise that the escritura process—contingent on mortgage approval (if leveraged), Nota Simple updates, and certificado de deudas from the community of owners—requires minimum three weeks from arras to deed. Buyers targeting June 30 escritura should have contracts signed by June 9 at the latest.
For buyers evaluating new acquisitions, the calculus depends on timeline and flexibility:
- Immediate need (residency, school enrollment, business establishment): Accelerate to close by June 30. The €200,000 saving on a €2 million property is certain; waiting introduces €200,000 in sunk cost.
- Opportunistic / portfolio diversification: Wait. The post-July 1 market may see price corrections as resale sellers adjust asking prices to absorb part of the ITP increase and maintain transaction velocity. A 5% price reduction on a €2 million property (€100,000) partially offsets the €200,000 ITP jump, and buyers gain negotiating leverage in a thinner market.
- New-build preference: ITP is irrelevant. Focus on delivery timelines and developer solvency. The off-plan Marbella 2026-2027 pipeline includes 14 developments delivering 870 units; due diligence on bank guarantees (aval) and stage-payment structures matters more than tax timing.
The Sotogrande Exception: Corporate Structures and ITP Mitigation
Sotogrande's ultra-prime segment (properties above €10 million) has historically seen higher rates of corporate ownership—buyers acquire shares in the Spanish SL that holds the property, rather than the property itself. Share transfers incur 1% Impuesto sobre Transmisiones Patrimoniales Onerosas (ITP-O) rather than 10% asset-transfer ITP, a 9-point saving.
Spanish tax authorities have tightened enforcement on this structure. The Ley 11/2021 anti-fraud reforms introduced a "look-through" rule: if a company's sole or primary asset is real estate and the share transfer occurs within three years of property acquisition by the SL, Hacienda can recharacterize the transaction as an asset sale and assess 10% ITP plus penalties.
For Sotogrande buyers, the June 30 deadline does not materially affect corporate-structure strategies—the 1% ITP-O rate applies regardless. But buyers using this route must ensure the SL was established more than three years prior, or accept the risk of Hacienda challenge. The Sotogrande vs. La Zagaleta 2026 comparison details corporate-ownership prevalence in both enclaves.
What Happens After July 1: No Relief on the Horizon
Hacienda Andaluza's May 2026 circular to the BOE contained no mention of replacement relief. The regional government's coalition (PP-VOX) has signalled that future ITP reform will focus on primary-residence incentives—potentially expanding the existing 3.5% reduced rate for first-time buyers under 35—but no draft legislation has been tabled.
For second-home buyers, the 10% rate is the new baseline. The only carve-outs:
- Primary residence: 8% ITP (or 3.5% for buyers under 35 purchasing their first home valued under €250,000).
- Large families (familia numerosa): 3.5% ITP regardless of property value, subject to proof of Título de Familia Numerosa.
- Disabled buyers (discapacidad ≥33%): 3.5% ITP with medical certification.
None of these apply to the typical non-resident HNW buyer acquiring a second home in Marbella's prime submarkets.
Marbella's Market Fundamentals: Resilient but Repricing
Marbella's long-term demand drivers—300+ days of sun, direct connectivity via Málaga-Costa del Sol Airport (6.1 million passengers in 2025), and the densest concentration of Michelin-starred restaurants on the Mediterranean outside France—remain intact. The ITP increase is a friction cost, not a demand destroyer.
But friction costs matter at the margin. The Golden Mile, where average resale prices reached €8,400/m² in Q1 2026 (up 6% year-on-year), may see that growth rate decelerate to 2–3% in H2 2026 as the ITP reset filters through. Sierra Blanca, with tighter inventory (only 14 resale villas listed above €3 million as of June 2026), has more pricing power; expect sellers to hold firm and buyers to absorb the tax.
La Zagaleta, where transactions are bespoke and tax sensitivity is lower (buyers at €10 million+ are optimizing for privacy and legacy, not tax efficiency), will see minimal impact. The 340-hectare gated community recorded nine transactions above €5 million in 2025; five have closed in H1 2026, all before the June 30 deadline.
For buyers seeking consultation on timing, structuring, and market positioning ahead of the July 1 reset, contact Muse Marbella for confidential advisory. Our newsroom does not take commissions; our analysis is subscriber-funded and vendor-neutral.
Frequently Asked Questions
Does the June 30 deadline apply to new-build purchases?
No. New-build properties incur 10% IVA (Value Added Tax) rather than ITP, regardless of purchase date. The ITP exemption and its July 1 expiration affect only resale (second-hand) properties. Buyers of off-plan developments such as Karl Lagerfeld Villas or Epic Marbella pay 10% IVA at completion, unaffected by the deadline.
If I signed a reservation contract (Contrato de Arras) in May, am I locked into the lower ITP rate?
No. ITP liability is determined by the date of escritura (deed) registration at the Registro de la Propiedad, not the arras signing date. To qualify for the current rate, the escritura must be executed and registered by June 30, 2026. Coordinate closely with your notario to ensure the timeline accommodates mortgage approval and document preparation.
Can I use a corporate structure (Spanish SL) to avoid the 10% ITP after July 1?
Acquiring shares in an SL that owns property incurs 1% ITP-O rather than 10% asset-transfer ITP, but Ley 11/2021 anti-fraud rules allow Hacienda to recharacterize share transfers as asset sales if the SL's sole asset is real estate and the transfer occurs within three years of the SL's property acquisition. This strategy works for established corporate owners but carries audit risk for new structures. Consult a Spanish tax advisor before proceeding.
Will resale property prices drop after July 1 to offset the higher ITP?
Market behavior will vary by submarket. Liquid segments with high inventory (e.g., Nueva Andalucía golf villas) may see sellers reduce asking prices by 2–4% to maintain transaction velocity. Ultra-prime enclaves with limited supply (La Zagaleta, Cascada de Camoján) have greater pricing power; expect buyers to absorb the tax. The first quarter post-deadline (Q3 2026) will provide clearer price-discovery data.
Does the ITP increase affect buyers using the Beckham Law (Ley 16/2012)?
The Beckham Law's 24% flat IRPF rate on worldwide income does not exempt buyers from ITP. Property transfer taxes are separate from income tax. However, Beckham Law beneficiaries who establish Spanish tax residency may qualify for the 8% primary-residence ITP rate (versus 10% for second homes) if the purchased property becomes their principal dwelling and they meet the residency criteria (183+ days per year in Spain).
What happens if the Junta extends the exemption at the last minute?
As of June 5, 2026, no draft legislation for extension has been published in the BOJA (Boletín Oficial de la Junta de Andalucía), and regional treasury officials have confirmed the phase-out is final. While last-minute reversals are theoretically possible, buyers should not structure transactions on that assumption. The fiscal and political incentives favor letting the exemption lapse.
About This Analysis: Muse Marbella is the analytical newsroom for Marbella's luxury real estate market, funded by subscribers and independent of developer or agency interests. For bespoke acquisition advisory, market intelligence, or confidential consultation on structuring and timing, contact our team. We do not broker transactions; we provide the data you need to make them well.