Reduction of the VAT for the purchase of new building properties

The Canarian Government has decided to reduce the VAT Tax (Impuesto General Indirecto, IGIC) from 5% to 2,75% for the purchase of new building properties up to 150.0000 Euros to be used as main residence. We trust this measure will help to pusth the market of main residence, quite stagnant because of lack of bank finance. Source: http://www.canarias7.es/articulo.cfm?id=227080