MADRID – As Spaniards worry about access to affordable housing, Prime Minister Pedro Sánchez announced a tax crackdown on foreigners who purchase a second home in the sun and owners to rent to tourists.
Housing remains a major concern for Spaniards. Thirty-five percent say they struggle to access affordable housing in large cities where prices per square metre can exceed €7,000. This is almost three times the EU average of 13%.
Meanwhile, between 60,000 and 90,000 foreigners buy property in the Iberian country every year, usually second homes used for holidays or rental purposes. The country is famed for its significant expat population, particularly those from Western Europe and over a certain age.
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