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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%E2%80%932014_Spanish_real_estate_crisis
Well, I guess their oversupply problem got addressed since then.
If only Britain could be part of the EU
Too soon ;_;
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.
Yeah I think not.
You'll be welcomed as refugees tho.
Are you a bot?
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 .