8 December 2022

Untaxed: how governments lure capital into real estate and feed the housing crisis

Investigate Europe || ""
Investigate Europe
Watch a short animation from our investigation into how real estate tax benefits distort the housing market
So far, the housing crisis has mostly been described as a story of shady real estate companies. But what are the reasons why companies and wealthy individuals have invested so massively into the real estate sector over the past decade?
Investigate Europe surveyed 14 European countries and found tax breaks that encourage real estate investment in all of them. As tax policy is a national competence, EU bodies have little say in the matter. The misallocation of capital that went into real estate because of these privileges - and would have otherwise gone to other areas - is estimated to be more than €100 billion in Germany alone. Discover more publications and stories from the series here.

Animation: Alexia Bakarou

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