That’s a pretty large tax. People here in the US have nearby access to other sunny, warm places, but that’d suck for the Brits.
considers
Didn’t Spain have some massive property boom some years back, put way too many resources into construction, then had things pop? What happened to all the construction capacity?
The Spanish property bubble is the collapsed overshooting part of a long-term price increase of Spanish real estate prices. This long-term price increase has happened in various stages from 1985 up to 2008.[1][2][3][4][5][6][7][8][9] The housing bubble can be clearly divided in three periods: 1985–1991, in which the price nearly tripled; 1992–1996, in which the price remained somewhat stable; and 1996–2008, in which prices grew astonishingly again. The 2008–2014 Spanish real estate crisis caused prices to fall. In 2013, Raj Badiani, an economist at IHS Global Insight in London, estimated that the value of residential real estate has dropped more than 30 percent since 2007 and that house prices would fall at least 50 percent from the peak by 2015.
The measures adopted so far by the Spanish Government have not been able to tackle the Spanish real estate crisis of 2008. The suppression of the Ministry of Housing was related to this failure and at the beginning of 2010 the Ministry of Development proposed to accompany the sector in its gradual normalization, creating a Working Commission for the promotion of the Real Estate Sector.[42] The government agreed to lower the VAT for new homes in order to help the banks to bring to the market the immense stock of homes owned by developers and builders,[43] but it is not effective.[
Well, I guess their oversupply problem got addressed since then.
Sucks to be them then. What a weird take tbh, we clearly have issues with external countries having too much buying power compared to us and your take is that the tax will such for the Brits? Have you considered that maybe that’s the point of the tax?
They can rent apartments for vacations tough, apparently that won’t have this big tax.
Same thing happened in the u.s, there was a housing boom up until 2008 and then it crashed and housing production hasn’t been the same since.
This is the problem with housing as a speculative asset, the boom and bust cycles do a horrible job of matching demand and then prices increase because it takes too long to ramp up production and change laws to make more arrangements available .
That’s a pretty large tax. People here in the US have nearby access to other sunny, warm places, but that’d suck for the Brits.
considers
Didn’t Spain have some massive property boom some years back, put way too many resources into construction, then had things pop? What happened to all the construction capacity?
kagis
Yeah.
https://en.wikipedia.org/wiki/Spanish_property_bubble
https://en.wikipedia.org/wiki/2008–2014_Spanish_real_estate_crisis
Well, I guess their oversupply problem got addressed since then.
Sucks to be them then. What a weird take tbh, we clearly have issues with external countries having too much buying power compared to us and your take is that the tax will such for the Brits? Have you considered that maybe that’s the point of the tax?
They can rent apartments for vacations tough, apparently that won’t have this big tax.
Are you a bot?
If only Britain could be part of the EU
Too soon ;_;
Yeah I think not.
You’ll be welcomed as refugees tho.
Same thing happened in the u.s, there was a housing boom up until 2008 and then it crashed and housing production hasn’t been the same since.
This is the problem with housing as a speculative asset, the boom and bust cycles do a horrible job of matching demand and then prices increase because it takes too long to ramp up production and change laws to make more arrangements available .