Home World News Pedro Sanchez has banned non-EU nationals from buying property in Spain

Pedro Sanchez has banned non-EU nationals from buying property in Spain

by Akash Biswas
Pedro Sanchez

Spanish Prime Minister Pedro Sanchez said on 19 Jan that he would propose banning buyers from outside the European Union (EU) from buying property in Spain, as the government seeks to control rising housing prices. Reuters reported.

Speaking at a political rally in Plasencia, Spain, on Sunday (19 Jan), Sanchez said a ban on non-EU foreigners who are not residents and their relatives buying homes in Spain would be proposed as they only do so for speculation.

According to Reuters, Prime Minister Sanchez unveiled a proposal on Jan. 13 to raise tariffs to 100% for non-EU citizens who do not live in Spain. The proposal seeks to boost supply and reduce demand for housing in the country as part of a tax of up to 100% on property acquisitions by non-EU citizens.

A source close to Sanchez told Reuters the plan remains to discourage acquisitions through increased tax rates, rejecting suggestions of a ban.

Meanwhile, real estate services and investment firm CBRE said the proposal would damage Spain’s reputation. According to Reuters, CBRE’s executive corporate director for Spain, Paloma Relinque, said that all factors related to regulatory and judicial changes are discouraging investors.

According to the Guardian, high rents drive out residents and traditional businesses in cities across Spain due to the slow conversion of a boom in tourist flats. Spain’s housing crisis explains why rents have risen by 80% over the past decade, along with rising wages. 

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