Spain is planning a 100% tax on homes bought by non-EU citizens

“Which, in the context of the deficit we’re in, (we) clearly cannot allow,” he said.

Therefore, the move was designed to “prefer existing homes for residents.”

Sánchez did not give details on how the tax would work or a timetable for submitting it for approval to parliament, which has often struggled to muster enough votes to pass laws.

But his government said the proposal would be finalized after “careful study”.

It’s one of dozens of planned measures announced by the prime minister on Monday aimed at improving housing affordability across the country.

Other measures announced include tax exemptions for landlords providing affordable housing, the transfer of more than 3,000 homes to new public housing, and stricter regulation and higher taxes on tourist housing.

“It is not fair that those who have three, four or five apartments as short-term rentals pay less tax than hotels.