Property Crisis In Spain Leads To Short-Term Rental Restrictions

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“Kathleen, the Spanish have two options for helping themselves out of their real estate crisis.

“They can put a wealth tax on the 400,000 Brits who own property there currently. Or they can ‘Cyprus’ expat bank accounts in Spain.

“Until the insolvent banking industry is allowed to go into bankruptcy there will be continued instability in Euroland.”

–Jeff Z., United States

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“Kathleen, I’m an entrepreneur from Madrid. Some comments for your correspondent Vivian Lewis.

“What you say is almost true for the normal real estate market in Spain, not for the luxury market, nor for the vacation housing market on the coast. Just beware. The government is passing a law to prosecute individuals who rent units for weeks, so it will be harder to get cash from these units and maybe this will drop prices more.”

–Rogelio T., Spain

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