Spain’s new tax plan.
Spain has a problem. Many people from other countries buy houses in Spain, but they don’t live there. The government wants to fix this. They want people from outside the European Union (EU) to pay a 100% tax when they buy a house.
What does this mean? If someone buys a house, they will have to pay the same amount in tax as the house costs! The government wants to help people who live in Spain and need homes.
Spain’s housing problem.
Spain doesn’t have enough houses for everyone, so the prices are going up. Many people can’t afford to buy or rent a house. Things like inflation and high interest rates are making it harder.
People from outside the EU buy homes for vacation or investment. They often rent these homes on websites like Airbnb. This makes it harder for local people to find a home, and rent prices go up.
There are also many expensive homes that locals can’t afford. This makes many people unhappy, and the government is trying to fix the problem.
Similar situation seen in India’s Gurugram.
Gurugram in Haryana, India, is seeing a similar situation. Many non-resident Indians (NRIs) are buying expensive properties. This makes prices go up, and local people find it hard to buy or rent homes.
NRIs can afford these properties with their foreign incomes, while locals struggle with the rising prices.
