Spain's Prime Minister Pedro Sánchez said too many people were buying Spanish homes as an investment rather than to live in.

Spain’s prime minister is pushing for far-reaching action to ease the nation’s housing crunch, including a tax of up to 100% on property purchases by non-European Union buyers.

Spain is planning to impose a tax of 100% on homes bought by non-EU residents as it looks to tackle an entrenched housing crisis in the country.

Spain is planning a raft of measures to address its brewing housing crisis, including an up to 100% tax on properties bought by people who are neither citizens nor residents of the European Union. Spanish Prime Minister Pedro Sánchez announced the plan this week to tackle housing affordability and high rents in the Southern European

To not become a society divided into two classes, the rich landlords and poor tenants,' said Spain's Prime Minister Pedro Sánchez.

Spain is set to introduce a groundbreaking tax on properties bought by non-residents from countries outside the European Union. Prime Minister Pedro Sánchez announced this ambitious measure alongside a series of initiatives aimed at combating the nation’s ongoing housing affordability crisis.