Spain's real estate market is experiencing a major boom. In the first nine months of 2024, property prices rose by an average of 9%, according to the House Price Index from the INE statistics agency.

Average prices have doubled over the past decade, marking a much-welcome recovery following the banking and real estate collapse during the 2008/9 financial crisis. That downturn was fueled by years of overbuilding and property speculation, ultimately forcing Spain to seek a €100 billion ($103 billion) bailout from the European Union to stabilize its banking sector.

The current surge in home prices and rents has reignited concerns over housing affordability. A report last July by real estate platform Idealista revealed that rents in Madrid and Barcelona soared by 25% and 33% respectively over the past five years.

The issue has become politically charged, triggering public unrest and mass protests across Spain's major cities.

In response, Prime Minister Pedro Sanchez has proposed a controversial measure: a 100% tax on property purchases by non-EU nationals without residency in Spain. Sanchez argues that this........

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