Andorra bans foreign property purchases to address housing crisis caused by wealthy investors
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Andorra has introduced a temporary ban on foreigners buying property due to a housing crisis caused by wealthy investors.
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Real estate prices in Andorra have surged over 30% since 2018, forcing poorer residents to move to Spain.
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The ban aims to tackle the crisis by stopping overseas investment for 3 months before replacing it with a tax on foreign purchases.
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Critics doubt the ban's effectiveness as wealthy foreigners can still get residency permits and buy property.
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A new law requires residents to know basic Catalan by 2024 to get permit renewals, which has drawn criticism from some expats.