Spanish Prime Minister Pedro Sánchez has proposed a ban on property purchases by non-EU citizens who do not reside in the country, as part of a broader effort to address Spain’s housing affordability crisis. The measure was announced during a Socialist Party gathering in the Extremadura region on Sunday.
Sánchez argued that foreign buyers who acquire homes solely for speculative purposes contribute to soaring property prices and a lack of affordable housing. “We will propose banning non-EU foreigners from buying houses in our country if neither they nor their families reside here and they are just speculating,” Sánchez stated.
This announcement follows his earlier proposal to impose a tax of up to 100% on such transactions. Sánchez also unveiled a 12-point plan last week to tackle the housing crisis, which includes expanding social housing, strengthening tenant protections, and tightening regulations on tourist apartments, which are often blamed for reducing the supply of long-term rentals.
Data from 2023 shows that non-resident foreign buyers acquired approximately 27,000 properties in Spain. Britons led the way, accounting for 9.5% of property transactions by foreign nationals. Sánchez attributed the current housing challenges to policies enacted by the conservative Popular Party during the 2008 financial crisis.
The proposed measures are part of Sánchez’s broader strategy to stabilise Spain’s housing market and curb speculative investment by foreign buyers.
