Tax reforms to boost Spanish property market

Spain's property market could be boosted by upcoming reforms to the country's tax regime, an expert has said.

According to Steve Laird, head of Carrington Wealth Management, government plans to scrap inheritance tax could help stimulate the Spanish housing sector.

Speaking to CityWire, he said this could help it become more attractive to overseas property buyers from places such as the UK.

Mr Laird commented: "Spain has been hit by the credit crunch the same as the rest of Europe, particularly in housing because around 30% of the country’s GDP is from construction."

He stated that factors such as the weakness of the pound against the euro have led to fewer British buyers investing in Spanish property in recent months.

This comes after finance minister Pedro Solbes told the Financial Times that Spain can emerge from the current economic downturn in a strong position.

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