Spanish Prime Minister Pedro Sanchez has called for a ban on non-EU foreigners buying properties in Spain, aiming to address escalating housing prices.
“We will propose to ban these non-EU foreigners who are not residents, and their relatives, from buying houses in our country since they only do so to speculate,” Sanchez said during a rally in Plasencia, western Spain, on Sunday.
On 13 January, Sanchez outlined a proposal to tax up to 100% on property acquisitions by non-EU citizens like Nigerians not residing in Spain, part of measures aimed at boosting housing supply and reducing demand, Reuters reports.
A source close to Sanchez clarified that the ban was not finalised, stating the focus remained on discouraging purchases through higher taxes.
“All factors related to regulatory and juridical changes are discouraging investors,” said Paloma Relinque, CBRE’s executive corporate director for Spain.
Housing shortages, gentrification, and tourist-driven demand have strained Spain’s housing market, with the Central Bank projecting a 500,000-house deficit this year.
