The results of a survey ranking 26 countries according to the tax paid on a £1 million property, show the UK to be an attractive prospect for overseas buyers considering buying in Europe.
Ranked 11th overall, nevertheless, the UK's 3.5% tax levy still rates lower than an equivalent purchase in a number of other European countries. Belgium - which would add an extra 131,113 USD to your overall bill - is placed highest with a tax of 11.3%. France, Germany, Croatia and Malta also come out higher.
Strawberry Star is pleased to see this timely reminder of the advantages of investing in the UK as opposed to other European markets. In other news this week, we hear that American investment bank Wells Fargo has committed to the purchase of significant commercial property in the heart of London's City, while heightened interest in London property from residential buyers in countries such as China continues. A powerful show of confidence indeed.
In our endeavour to be the preferred one-stop destination for international investors seeking advice on investing in the London property market, we feel optimistic that others will share that confidence.
The shock result is the European average tax is 3.8% of the buying price, which converts into $38,356, while the global average Is less – 3.3% of the buying price or $33,038. While landlords and homebuyers in Britain continually bemoan the cost of purchasing homes, the UK sits halfway in the table in 11th place, with purchase taxes adding up to 3.5% of the value of a home or $35,383.