Spain's Prime Minister Pedro Sanchez has announced a proposed ban on property purchases by non-EU foreigners to curb rising housing prices that are pressuring locals. This measure comes amid widespread demonstrations against the effects of overtourism and holiday rentals, which contribute to the housing crisis. Sanchez emphasized that many non-EU buyers purchase homes solely for speculation, further intensifying the problem as locals struggle to find affordable housing. Such a proposal aims to rebalance the housing market in favor of residents amidst growing discontent.
"We will propose to ban these non-EU foreigners who are not residents, and their relatives, from buying houses in our country since they only do so to speculate."
"Spain has seen a wave of demonstrations against overtourism and holiday rental properties as a result of the mounting housing crisis for residents struggling to find available homes."
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