Spain's PP Unveils 'Declaration of Asturias' with 4% Tax Cut for Young Home Buyers

Jan 12, 2025, 11:13 AM

The People's Party (PP) of Spain, led by Alberto Núñez Feijóo, has announced a series of measures aimed at addressing the housing crisis in the country. During a meeting in Asturias, the PP's regional leaders committed to reducing the property transfer tax from 10% to 4% for individuals under 40 years old in regions governed by the party. This initiative, part of the 'Declaration of Asturias,' seeks to facilitate home ownership among young people. The plan includes 10 measures as part of the 'Plan Nacional de Vivienda,' such as providing a 100% mortgage guarantee for young buyers, offering payment insurance and legal assistance for landlords who list their vacant properties in public rental systems, and making public land available for housing development at 30% below market rental rates. Additionally, the PP aims to establish an anti-squatting hotline and reduce bureaucratic hurdles to encourage housing development. Feijóo also criticized the current government's housing policies, accusing them of being overly ideological and ineffective. The PP's strategy also involves lowering taxes for buyers, renters, and landlords to make housing more accessible.