Spanish Prime Minister Pedro Sanchez unveiled a plan to tackle the nation's housing crisis, proposing a 100% tax on properties bought by non-EU citizens and stricter regulations on short-term rentals. The plan aims to curb speculation and increase housing availability for local residents.
Spain 's Prime Minister Pedro Sanchez unveiled a comprehensive plan to address the nation's housing crisis , emphasizing the need to curb speculation and increase housing availability. Sanchez pointed to the surge in non-resident property purchases, particularly from outside the European Union, as a contributing factor to the problem.
He announced a proposed tax of up to 100% on properties purchased by non-EU buyers, targeting individuals like those from the UK and US who acquire properties primarily for investment purposes rather than as primary residences. This tax, significantly higher than current levies in Spain, aims to discourage speculative buying and free up housing stock for local residents.The government's proposal also includes measures to regulate short-term rentals, such as imposing steeper taxes on individuals renting out apartments for short stays. Sanchez stated that these tax increases would ensure that landlords operating in the short-term rental market contribute their fair share, treating it as a business rather than a casual practice.The plan has sparked mixed reactions. While some applaud the government's efforts to tackle the housing crisis, others, including leading real estate firm Gilmar, express skepticism about its effectiveness. Gilmar argues that the proposed measures lack detailed implementation strategies and that the type of properties purchased by non-EU nationals differs from the types of housing needed to alleviate the crisis. They contend that the plan is more symbolic than substantive. Furthermore, the government's minority status in parliament raises concerns about its ability to secure approval for these proposals, especially given the opposition from coalition partner Sumar, which deems the measures insufficient. Sanchez's government is also undertaking initiatives to increase housing supply, including assigning a newly established public housing body to manage 3,300 existing homes and 2 million square meters of land earmarked for new construction.
Housing Crisis Spain Tax Non-EU Buyers Short-Term Rentals
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