Spanish Prime Minister Pedro Sánchez announced plans for a 100% tax on homes purchased by foreign buyers, aiming to address the country's severe housing shortage. Sánchez argued that excessive foreign investment in Spanish real estate, driven by profit rather than residency, has exacerbated the crisis. The proposed tax would effectively double property prices for non-EU buyers, requiring legislative approval from Spanish lawmakers.
Spain plans to put a 100% tax on homebuyers from overseas in an effort to tackle the country's housing crisis.Prime Minister Pedro Sánchez announced the measure in a Monday speech at a housing forum in Madrid.He said that too many foreign buyers saw Spanish property as investment vehicles and were buying homes for financial gain rather than to live in.He said he would push for legislation to enact the new tax, effectively doubling property prices for non-EU buyers.
Spain's housing market faced some of Europe's largest price hikes last year.Home prices increased by 8.3% year-on-year in the last quarter of 2024, per Eurostat. The EU average was 3.8%.According to research from Spain's Caixa Bank, new homes saw the sharpest price increase, with a 10.7% increase year over year in the first half of 2024.
HOUSING CRISIS FOREIGN BUYERS SPAIN TAXATION PROPERTY PRICES
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