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.
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