Spain plans to introduce a tax of up to 100% on properties bought by non-EU residents, including those from the UK, to address the housing crisis.

Prime Minister Pedro Sánchez announced the measure to prioritize housing for residents and combat property speculation.

In 2023, non-EU residents purchased 27,000 homes in Spain, often for profit rather than personal use.

Sánchez also unveiled other housing initiatives, including tax exemptions for landlords offering affordable housing, stricter regulations on tourist rentals, and transferring over 3,000 homes to a public housing body, the BBC has reported.

The proposal, inspired by similar policies in Denmark and Canada, is under review.

Written by B.C. Begley