Bloomberg: YouTubers Fuel a Housing Crunch in One of Europe’s Tiniest Nations
September 28, 2023 Andorra, a mountainous microstate wedged between France and Spain is dealing with a severe housing crisis. Its beautiful ski resorts along with its low tax environment and high levels of banking secrecy have made it a private oasis for the super-wealthy. Since 2018, real estate prices in Andorra have risen by over 30% forcing many less-affluent locals to move across the border to Spain. The local government has intervened in hopes of fostering a more economically inclusive city. Andorran lawmakers are proposing moves targeted at discouraging non-residents and obliging foreign residents to pay a tax on all real estate purchases. The proceeds will go toward a fund to create affordable housing. In addition, the government will be introducing new measures for citizenship including learning Catalan, the local language.