Spain’s Prime Minister Pedro Sanchez has put forth a proposal aimed at tightening the restrictions on housing purchases within the country, as part of his initiative to address the affordable housing crisis.
This plan follows the Socialist leader’s suggestion last week to impose a tax of up to 100% on property transactions, in a nation grappling with high demand and rapidly escalating prices.
“We intend to propose a ban on non-EU foreigners purchasing homes in our country, specifically in situations where neither they nor their families reside here and they are merely speculating on these properties,” Mr. Sanchez stated at a gathering of his Socialist party in the western Extremadura region.
While announcing a series of proposed measures last week, he pledged to increase the availability of social housing, enhance regulations, and extend greater support to renters.
In unveiling his 12-point plan to tackle the crisis on Monday, Mr. Sanchez noted that non-residents from outside the European Union acquired approximately 27,000 houses and apartments in Spain during 2023.
Data from the real estate registry indicates that British nationals were the largest group of foreign property buyers in 2023, accounting for 9.5% of total transactions by non-Spaniards.
Additionally, Mr. Sanchez has proposed increased taxes and stricter regulations on tourist apartments, which are often blamed for diminishing the availability of residential properties and driving rent prices up.
