Unprecedented New Measures have been Announced to counter Rising Prices for Residential Real Estate Spain

The Prime Minister, Pedro Sanchez, spoke at the forum “Housing, the Fifth Pillar of the Welfare State” in Madrid and outlined 12 measures aimed at providing affordable housing and preventing the spiralling costs of house purchase driven by foreign nationals buying residential property to let as holiday homes.

The proposal that will have the greatest impact on non-EU foreign nationals, including the British investors, is the increase in tax of up to 100% of the property’s value on property purchases made by non-EU citizens who are not residents of Spain.

Non-EU nationals still have time to buy property in Spain as it will take some time for the proposal to become law if it is approved.

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