Spain: government and Catalonia against housing speculation. What is already known and what still remains just a plan?
In the face of soaring real estate prices, the Spanish government and the Catalan authorities are announcing increasingly bolder steps to restrict housing purchases for purely investment purposes. Although the topic is generating great excitement, most of the proposals have still not been enacted - they are at the stage of bills or legal studies.
What was actually announced
Higher taxation on tourist rentals The Pedro Sánchez government has announced a change in the taxation rules for short-term tourist rentals (less than 30 days) in 2025. The goal is to equalize the tax burden between tourist rentals and the hotel sector. However, a concrete draft raising VAT to 21% has not been adopted. Currently, the topic remains at the inter-ministerial consultation stage.
Vacancy tax and investment funds The government plans progressive taxation of homes and apartments left without tenants, and stricter regulations for SOCIMIs (the Spanish equivalent of REITs). Tax exemptions would apply only to rentals at so-called affordable prices. The bill has yet to be voted on in Congress.
New tax for non-EU buyers In the spring of 2025, the PSOE grouping put forward the idea of introducing an additional tax for non-EU citizens buying property in Spain that will not become their primary residence. The intention is political and has not entered parliament. Experts stress that the introduction of such a tax could be considered by the EU as a violation of the free movement of capital.
New proposals from Madrid and Catalonia
At a summit in Brussels in October, Prime Minister Pedro Sánchez called on the European Commission to prepare joint legal solutions to restrict housing purchases by people who do not intend to live in them. In this way, the government wants to stop speculation in resorts and major cities.
Catalan President Salvador Illa spoke in the same direction. He announced that the Generalitat Catalunyi will “study the possibility of imposing restrictions on the purchase of housing not intended for self-occupancy” in zones with the greatest housing shortage.
For the time being, these are only political announcements - there is no draft law, and the region's very competence in this area may require changes in national law.
What applies today
None of the mentioned proposals has the force of law yet.
The PSOE minority government needs the support of coalition and regional groups, which slows down the legislative process.
In practice, this means that as of today there are no new taxes for foreigners, no 21% VAT on tourist rentals, and no ban on investment purchases.
The direction, however, is clear
Spain is preparing the ground for much stronger state intervention in the housing market.
Politicians talk about “defending housing as a social good, not just an investment commodity.”
For owners and investors, this is a signal that the work of the parliament should be followed closely in the coming months - because although the changes are not yet in force, the course of action has already been clearly set.
