In Spain, an ‘unprecedented’ housing tax on foreign-owned properties  Spanish Prime Minister Pedro Sánchez said last Wednesday that his government would issue a 100% housing tax on properties bought by residents from outside the European Union.

Spain's prime minister said too many foreigners were buying investment homes. But efforts to discouraging them could hit the economy, experts said.

MADRID (Reuters) - Spanish Prime Minister Pedro Sanchez said he would propose to ban purchasers from outside the European Union from buying properties, as the government seeks to curb rising housing prices, which have become an increasing source of friction.

Spain's Prime Minister Pedro Sánchez said too many people were buying Spanish homes as an investment rather than to live in.

Spain is planning a raft of measures to address its brewing housing crisis, including an up to 100% tax on properties bought by people who are neither citizens nor residents of the European Union.

Non-residents from outside the EU bought some 23,000 houses and flats in Spain in 2023. Read more at straitstimes.com.

Pedro Sanchez said the EU should put an end to anonymity of users in social-media platforms and hold their CEOs personally accountable if they fail to comply with regulations.

Spain’s housing crisis has its roots in Franco’s regime. It did not promote the building of housing for a whole series of self-serving (and some misguided political) reasons. Thus, the stock of housing remained low. While ownership was encouraged, rentals were not.

Spanish Prime Minister Pedro Sanchez defended the proposed hike, saying it aims to prevent speculation pushing house prices beyond reach.

Spain is one of the most popular holiday destinations in the world and last year welcomed a record-breaking 94 million tourists. It’s a particular favourite with Brits, who made up the biggest proportion of visitors in 2024.

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