Spain is planning to bring in strict legislation for property purchases in an attempt to control the country's rapidly escalating housing crisis, which has left residents complaining of being unable to afford to buy or rent a property.
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00:00Spain is preparing to implement a 100% tax on property purchases made by buyers outside of the EU.
00:09The government says the move, one of the 12 measures that Prime Minister Pedro Sanchez has recently introduced,
00:16is an attempt to better handle the country's mountain housing crisis by decreasing foreign purchases.
00:24The country has been facing a lack of affordable properties to rent or buy following soaring prices,
00:31worsened by rising inflation and interest rates.
00:35The situation has led to anger and discontent among Spaniards.
00:40Speaking recently at the Madrid Economic Forum, Sanchez emphasized how serious the issue was
00:46and the potential economic and social implications that could arise.
00:52Spain has long been one of the most popular destinations for second and holiday homes,
00:57especially in areas such as Barcelona, Ibiza and Marbella.