Alex Trelinski
PRIME MINISTER Pedro Sanchez is proposing to get even tougher on potential homebuyers from outside the EU with a total ban unless they live there already or have families in the country.
Last Monday, Sanchez unveiled a 12-point plan to boost housing including a 100% stamp duty-style tax on property purchases by non-EU citizens.
As part of his moves to ease the country’s affordable-homes crisis, the Prime Minister went one step further in a speech in Extremadura on Sunday.
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Sanchez said: “We are going to propose to ban non-EU foreigners from buying houses in our country, in cases where neither they nor their families reside here and they are just speculating with those homes.”
His initial announcement was greeted with serious concern by real estate agencies in popular areas for foreign buyers like the Costa Blanca.
If the proposals become a reality, the UK market- the leader in foreign property purchases from outside the EU- would be severely hit.
Real estate agency associations said last Monday’s declaration had created uncertainty and some UK purchasers of off-plan properties had made inquiries over pulling out if they need to.
Madrid has also seen a surge of wealthy Latin American buyers in recent years purchasing high-end property in the capital.
Announcing a list of proposed measures last Monday, Sanchez vowed to offer more social housing, improve regulation and provide more support to renters.
Sanchez said that Spain was seeing a shortfall of about 200,000 new houses every year based on current demand.
He blamed the crisis on measures passed by the conservative Partido Popular when it was in government during the financial crisis that erupted in 2008.
Whether the 100% tax or a total ban gets passed by Congress is a moot point as the socialist-led coalition government lacks a majority.
He must be a magician! Shortfall of 200,000 homes per year is going to be balanced by banning non EU citizens from purchasing properties.
Question: how many homes in 2024 were sold to non EU citizens?
This measure might make sense if it were accompanied by other measures to increase the stock of homes – Like building more!
Sánchez is a blithering idiot.
The country is apparently short of social housing. How many foreigners want to buy that sort of property?
Foreigners bring wealth into the country, and they are taxed whilst they’re here spending their money. They’re taxed when they sell their properties, too.
Kill the goose that lays the golden egg, and you’re left with nothing.
His rather pathetic attempt to curry favour with voters is typical, policy-free rhetoric.
Word prefect! I couldn’t agree more!! I’ve written much the same myself, albeit with typos and spelling mistakes! :)
“The country is apparently short of social housing. How many foreigners want to buy that sort of property?” EXACTLY!!! Why is it that this seemingly simple idea is never recognised?
This idiot is doing exactly what the populists are always accused of, just feeding morons what they want to hear.
As for the anti-tourist nonsense, half of those places in Mallorca didn’t even exist before tourism, and the income kept the island ‘afloat’ so to speak, during the ‘crash’.
In other “news”, Spain advises Italy to ditch fashion and brands, France to bin wine and food, and Germany to cease car production!
It’s just more from the ‘cretinous nonsense’ department.