The measure, announced during an economic forum in Madrid, aims to combat skyrocketing housing costs that Sánchez described as creating a “society divided into rich landlords and poor tenants.”
The Guardian reported house prices in parts of Spain have risen by 48% over the past decade, far outpacing household income growth.
Sánchez highlighted that in 2023 alone, non-EU buyers purchased around 27,000 properties in Spain, with many used for speculation rather than residency.
The proposed tax seeks to curb this trend, particularly in popular areas like Ibiza, Marbella, and Barcelona.
The proposal is part of a wider slate of housing reforms, including increased social housing supply, incentives for renovating and renting out empty properties at affordable rates, and stricter regulations on tourist rentals.
Sánchez argued that short-term rentals exacerbate the housing crisis, stating: “It is not fair that those who own multiple apartments for short-term rental pay less tax than hotels.”
While Sánchez described the tax as “unprecedented,” its chances of becoming law remain uncertain.
Analysts suggest that the proposal may primarily aim to create uncertainty among foreign investors.
Despite this, Sánchez stressed the need for bold measures, calling the housing crisis an “unbearable” challenge with significant social and economic implications.
