Spain plans to limit the number of homes foreigners purchase by raising taxes by up to 100% on properties bought by people who are not European Citizens and do not reside in an EU country, and who often are buyers of investment properties. He didn’t provide a timeline or details on how he plans to implement the tax.

Spain is planning to impose a tax of up to 100% on the value of properties bought by non-residents from countries outside the EU, such as the UK. Announcing the move, Prime Minister Pedro Sánchez said the "unprecedented" measure was necessary to meet the country's housing emergency.

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

According to the Spanish PM, non-EU residents bought a total of 27,000 properties in Spain in 2023, not to live in it but to make money from it

Public anger is growing as locals are being priced out of home ownership with rents being driven up by gentrification and landlords shifting to more lucrative, short-term tourist rentals, especially in urban and coastal areas.

Much of Europe faces housing shortages, but Spain’s is especially acute. It is not just rents: 75% of Spaniards own property, but for young people the prospect of a first-time buy is receding into middle age.

Spanish Prime Minister Pedro Sanchez on Monday proposed a 100% tax on foreign-bought homes to help address the country's housing crisis. Why it matters: The tax would apply to all homes that non-EU residents purchase,

Spanish Prime Minister Pedro Sánchez announced that non-EU residents could be forced to pay up to 100% tax on the value of their properties.