Well, folks, it appears that Spain has found the perfect scapegoat for its housing crisis: non-EU citizens, particularly those pesky Brits. Prime Minister Pedro Sánchez has unveiled a brilliant plan to impose a 100% tax on property purchases by non-EU residents who don’t live in Spain. Yes, you heard that right—a tax equal to the property’s value. Because nothing says ‘welcome’ like doubling the price tag.

Sánchez claims this move is essential to curb rising housing prices, which have become a source of friction in the country. In 2023 alone, non-EU residents snapped up around 27,000 houses and apartments in Spain. According to Sánchez, these purchases weren’t for living or for family; they were purely speculative. And in a time of housing scarcity, such speculation is apparently unacceptable.

But let’s take a closer look at the numbers. In 2023, a total of 638,552 property deals were sealed in Spain. Foreigners—including EU nationals—accounted for just over 19% of these transactions. Non-EU citizens, like the British, represented a mere fraction of this percentage. So, while the proposal targets a specific group, its actual impact on the broader housing market remains questionable.

Critics argue that this tax is more symbolic than effective. Joan Carles Amaro, a professor at Barcelona-based business school Esade, points out that non-EU buyers don’t represent a significant percentage of the Spanish property market. He suggests that while the tax might deter some foreign buyers, it won’t automatically make homes more affordable for Spaniards.

Moreover, the proposal faces significant hurdles in Spain’s fragmented parliament. Sánchez’s minority government struggles to pass legislation, and this tax plan is no exception. The main opposition party, the People’s Party (PP), has labeled the tax ‘xenophobic’ and ineffective, arguing that it won’t address the root causes of the housing crisis.

It’s also worth noting that Spain isn’t the first country to consider such measures. Canada, for instance, introduced a ban on non-resident foreigners buying homes in 2023, aiming to make the market more affordable. Denmark has similar restrictions, allowing foreigners to buy property only if they’ve lived in the country for at least five years or have a special permit. However, the effectiveness of these policies in improving housing affordability is still up for debate.

In the end, while the Spanish government’s proposal may appease some frustrated citizens, it’s unlikely to solve the complex issue of housing affordability. After all, targeting a small segment of the market with a hefty tax doesn’t address underlying problems like housing supply shortages, economic disparities, and urban planning challenges. But hey, when in doubt, blame the foreigners, right?