Dylan Wagemans
TV-PRESENTER and property expert Laura Hamilton explained in an Instagram post why she thinks it’s still a good idea to buy a property in Spain, despite growing opposition against foreigners doing exactly that.
Locals fear that the influx of non-EU buyers will drive up prices and deplete the housing stock available to them.
Now a proposed property tax by PM Pedro Sanchez could mean an increase of 100% on the existing tax rate for anyone buying from outside the EU.
The announcement has shaken up the Spanish real-estate industry, but Hamilton doesn’t think anything will happen.
“It’s part of a 12-point plan aimed at tackling Spain’s housing crisis, but it’s far from being law,” she said.
“Pedro Sanchez also leads a minority government, on top of that, all 17 autonomous regions have the power to set their own purchase transfer tax, getting them all to agree is very unlikely.”
“Non-EU buyers only make up 3% of all home purchases in Spain, so targeting those buyers will not solve the current housing crisis,” Hamilton explained.
Hamilton then argued that those who despise tourism from the UK are in the minority, despite vocal protests in recent months.
“The majority of locals want visitors and foreign investment. Tourism is vital, and welcomed,” she continued in an optimistic tone.
Hamilton herself has a home in Pollenca, Mallorca that she’s currently renovating.
