Spain’s plans for property tax hike ‘will be a blow to buyers from UK’
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Plans for an “extreme” hike in property taxes in Spain will be a blow to buyers from the UK and could prompt them to consider alternatives such as Cyprus and Greece, experts have said. Measures being proposed in Spain to ease pressures on its housing situation include an up to 100% tax on properties bought by non-European Union residents.
Toby Leek, president of property professionals’ body NAEA Propertymark, said: “Many Brits may take the news of heightened property taxes in Spain as a blow considering moving to such a location could well have been a lifelong ambition, especially with the convenient location and, of course, the improved weather it provides.”.
Many Brits will likely be put off by this extreme hike in property taxes and will be looking to other countries such as Cyprus and Greece with lower property tax levels for their dream home move. He said that, while it can be appreciated that Spain is addressing its own housing emergency and looking after Spanish citizens, the proposal is “quite an extreme increase”.
Mr Leek added: “Many Brits will likely be put off by this extreme hike in property taxes and will be looking to other countries such as Cyprus and Greece with lower property tax levels for their dream home move.”. Spain’s Prime Minister Pedro Sanchez has been quoted as saying the overall goal is to provide “more housing, better regulation and greater aid”.
