🧵 1. Andorra tackles housing crisis: Temporary ban on foreigners buying property due to rising costs and influx of affluent expats. #world
🧵 1. Andorra tackles housing crisis: Temporary ban on foreigners buying property due to rising costs and influx of affluent expats. #world
🧵 2. Real estate prices in Andorra surged by 13% in Q4 2022-Q1 2023, forcing locals to relocate to Spain.
🧵 3. Three-month ban on overseas investment aims to address housing crisis, followed by tax on foreign property purchases.
🧵 4. Average square metre price in Andorra exceeds €4,700, making it inaccessible for working-class nationals.
🧵 5. Critics express doubts about ban's effectiveness as wealthy foreigners can still apply for residency permits and become "passive residents."
🧵 Read more at: https://www.euronews.com/2023/10/05/housing-crisis-andorra-is-getting-fed-up-with-wealthy-foreigners