UK tourists 'worried' and 'want to back out' of Spain holidays in 2025
Estate agents on the Costa Blanca have slammed a proposal from the Spain Prime Minister Pedro Sanchez over introducing a 100 per cent stamp duty style tax on property purchases made by UK tourists and non European Union citizens.
Worried UK tourists have reportedly asked if they can "back out" of deals to buy homes due to the proposed tax. Miguel Galindo from the association Asicval in Alicante said anxious Brits are "inundating agents" with queries and asking to back out of their deals.
Jesualdo Ros, general secretary of the Alicante Provincial Association of Developers, warned properties sought after by non-EU buyers are not the same properties that local people would be buying anyway. Marife Esteso, president of the Alicante API College, echoed these concerns, stressing the economic importance of residential tourism.
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She pointed out that foreign buyers not only invest in property but also inject money into local businesses and services during their stays. Esteso dismissed Sanchez’s proposal as ineffective and Miguel Galindo from Asicval says that potential British clients, alarmed by the Sanchez announcement, are seeking reassurances.
One local said: "I don’t follow the argument that only non EU citizens are the buyers of “investment” properties. The alternative solution of building more social housing is a lasting solution. In addition,there is still a substantial stock of empty repossessed properties which could provide immediate relief for those seeking housing. It just needs the banks to be creative."
The prime minister wants to crack down on people buying Spanish properties "not to live in, but to make money from". He said: "The West faces a decisive challenge: To not become a society divided into two classes, the rich landlords and poor tenants."
Mr Sánchez announced on Monday that non-EU residents could have to pay an up to 100% on the value of their properties in order to make the housing market better for locals.