Latest news with #PedroSánchez
Local Spain
a day ago
- Business
- Local Spain
Property purchases by foreign residents in Spain stall
Property purchases by foreign residents in Spain are stagnating, new Housing Ministry data shows. This follows efforts by the Spanish government in the last year to rebalance the property market in favour of locals amid skyrocketing prices, although the focus has been primarily on limiting non-resident foreigners. Resident foreigners make up a bigger proportion of foreign buyers than non-resident foreigners (58 percent in Q1 2024, according to Spain's General Council of Notaries), hence why the recent slowdown in purchases by this group is likely to be welcomed by Spanish authorities. The total value of property sales by foreigners residing in Spain reached almost €11.7 billion in 2024, representing a modest increase of just 0.4 percent compared to the same period the year before, according to the latest Housing and Land Observatory report published by the Ministry of Housing and Urban Agenda. The majority of purchases made by foreigners resident in Spain last year were for second-hand properties. Of the €11.6 billion total spent in transactions in 2024, more than 90 percent were spent on pre-owned homes. The purchase of second-hand housing was predominant among those from France (87 percent bought pre-owned homes), Morocco (85.9 percent), Romania (85 percent), Argentina (85 percent), Ireland (83.9 percent) and Italy (83.5 percent). The largest share of purchases of new homes by foreigners were made by Belgian, Polish, Dutch and Swedish buyers. The figures indicate a short-term stagnation in the market, as the total spend remained virtually unchanged from 2023 and remains below the more than €14.5 billion recorded in 2018. But the purchase of homes by foreigners overall (resident and non-resident) still accounted for 19.1 percent of total transactions in 2024, standing at 122,118 units, 988 fewer than the previous year, government data shows. That means that almost 1 in 5 property purchases in Spain were carried out by foreigners, still a high figure but one that didn't increase in 2024. By origin, buyers from the UK accounted for 8.6 percent of the total, followed by those from Germany (6.7 percent), Morocco (5.7 percent) and France (5.4 percent). This stagnation comes amid attempts by the Spanish government to better regulate the housing market. The Socialist government of Pedro Sánchez recently ruffled feathers when it proposed slapping a 100 percent tax on property purchases by buyers who don't reside in Spain or the EU. This would essentially double the price for people who don't live in the EU and want to buy a second home in Spain. Even more radical was the proposal submitted by Catalan separatist party ERC to require actual foreign residents to apply for a permit to buy a Spanish property if they haven't become permanent residents yet. In other words, if they are temporary residents haven't officially resided in Spain for five years. This proposal was rejected by Spain's Congressional Housing Committee in late April, but now ERC are trying to get such a law passed only in Catalonia. If there are already questions about whether limiting non-residents from buying homes in Spain contravenes EU laws, it is even more likely that Brussels will not let Spanish national or regional authorities prevent foreign residents from buying, no matter whether they continue to buy Spanish homes in high numbers.
Euractiv
2 days ago
- Politics
- Euractiv
Power at any cost: Sánchez's separatist tightrope
MADRID – Spain will again push to grant Catalan, Galician, and Basque official EU language status at Friday's EU foreign ministers' meeting, a move widely seen as part of Prime Minister Pedro Sánchez's ongoing efforts to preserve backing from increasingly unreliable separatist allies. While EU diplomatic sources say the vote is unlikely to take place, Foreign Minister José Manuel Albares will again raise the issue at the General Affairs Council, under pressure from hardline Catalan party Junts. The initiative is the latest in a string of high-stakes concessions Sánchez has made to secure support from regional pro-independence forces. Sánchez's Socialist-led coalition, which scraped together a majority in 2023, depends on both left-wing ERC and right-wing Junts. Though often at odds, the two separatist parties are united in leveraging their support for concessions, prompting opposition accusations that Sánchez is trading national unity for political survival. A constant headache In exchange for supporting Sánchez's re-election, Junts secured a promise to push for Catalan's recognition as an official EU language. That demand was part of a broader deal that also included the controversial Amnesty Law, which pardons hundreds involved in Catalonia's failed independence push between 2012 and 2023. The law passed narrowly in parliament with a razor-thin 177-172 majority despite deep public opposition. Sánchez defended it as a 'step towards reconciliation,' but Brussels has raised rule-of-law concerns, and the Court of Justice of the EU is investigating its legality. Junts, led by self-exiled former Catalan leader Carles Puigdemont, remains an unpredictable partner. Its seven votes in parliament are essential to Sánchez's thin majority, which an opposition right-wing P artido Popular (PP) MP said described as "continuous blackmail from separatist parties". Growing internal rift Tensions have also emerged within the governing bloc. This week, Junts rejected a proposed 'unique' financing model for Catalonia that was backed by ERC and Sánchez's PSOE. Junts called it insufficient and instead demanded full fiscal sovereignty similar to the Basque-style model. The backlash has also reached inside PSOE. Emiliano García-Page, Castilla-La Mancha's regional president, warned the party 'cannot remain in power at any cost,' calling the tax deal a 'dramatic attack on equality among Spaniards.' Opposition parties, meanwhile, labelled the deal a 'political payoff' to separatists. Push for greater autonomy Junts and Sánchez's PSOE have floated a proposal to grant Catalonia powers over migration, including limited deportation authority, drawing fierce criticism from the opposition. Far-right Vox said the plan could be the 'last step before a de facto independence,' while ERC welcomed it as part of an ongoing plan to 'reduce the state's presence' in Catalonia. Though full border control is not on the table, the Sanchez government did agree to give Catalonia partial authority over ports and airports starting in September. Scandals and shifting support To complicate matters further for Sánchez, Junts and ERC have threatened to withdraw support following a bombshell police report. The investigation uncovered a network of kickbacks, rigged tenders and influence peddling involving former cabinet members, senior Socialist officials, the prime minister's inner circle and, potentially, even Sánchez himself. In a recent debate in Congress, Sánchez accused Junts of 'permanent blackmail.' Yet when asked about the state of the coalition, a PSOE spokesperson told Euractiv that 'monthly meetings' with the separatists continue, even though these remain "discreet". As the prime minister faces growing pressure both from within his coalition and from political opponents, the question remains how long he can maintain the delicate balance. 'The clock is ticking,' a Junts spokesperson warned Sánchez last week. (cs, de)
Euractiv
2 days ago
- Business
- Euractiv
Brussels launches legal action against Spain over bank merger powers
MADRID – The European Commission has launched an infringement procedure against Spain for granting the government sweeping powers to block bank mergers, a move Brussels says violates EU law. The move follows the government of Prime Minister Pedro Sánchez's decision to halt a proposed takeover of Banco Sabadell by BBVA and Banco Sabadell for three years. With €719.45 billion in assets, BBVA is Spain's second-largest bank while Banco Sabadell ranks fourth, with €244.42 billion. In a formal letter sent to Madrid, the Commission said the legal framework used to block the proposed merger breaches core EU rules on the freedom of establishment and movement of capital. The Spanish authorities now have two months to respond. If the reply is deemed unsatisfactory, the Commission may escalate the case by issuing a reasoned opinion, Euractiv's partner Servimedia reported. The EU executive also criticised Sánchez government for overruling the Spanish Competition Authority (CNMC), which had conditionally approved the bid. EU sources cited by Spanish media say a 2014 banking law and its 2015 implementing decree give the economy ministry excessive discretionary power over banking operations – an area that falls under the exclusive competence of the European Central Bank. According to the Commission, this undermines EU financial regulation and legal certainty for cross-border banking deals. (cs, de)
Gulf Today
2 days ago
- Business
- Gulf Today
Spain allocates $232.03 million to support investments in Mauritania
The Spanish government announced a €200 million ($232.03 million) financial package to bolster its investments in Mauritania, along with the launch of the digital platform 'Kantara' aimed at fostering direct connections between economic players in both countries. The announcement came following the conclusion of the first high-level session between Mauritania and Spain, which included the Mauritanian-Spanish Business Council, and was attended by Mohamed Ould Cheikh El Ghazouani, President of Mauritania, and Pedro Sánchez, Prime Minister of Spain. According to the Mauritanian Information Agency, the closing session featured pledges and investment commitments. In his remarks, Sanchez said the €200 million package will be channelled into loans for green projects, feasibility studies, risk mitigation instruments, and project implementation tools, particularly in the field of energy transition. He also announced that Spain will appoint its first economic and trade representative in Mauritania as of 1st September. President El Ghazouani emphasised that Mauritania offers a wide range of promising investment opportunities in key sectors such as fisheries, agriculture, livestock development, extractive industries, infrastructure - including roads, bridges, airports, and public buildings - as well as in services, gas, and mining. Earlier the Opec Fund for International Development (Opec Fund) and the Islamic Republic of Mauritania have signed a landmark Country Partnership Framework Agreement to cooperate on key development initiatives during the period 2025-2027, earmarking $120 million in new development financing focusing on the country's development priorities. The funding will finance critical projects that contribute to projects promoting renewable energy, clean water, food security, improved transport and clean cooking. In addition the Opec Fund is pledging to provide up to $500,000 in grants for capacity-building, project preparation and technical assistance. Opec Fund President Abdulhamid Alkhalifa said during a visit to the capital Nouakchott: 'We are proud to help improve the lives of people and communities for a more resilient future. Our commitment to Mauritania is focused on bolstering key sectors of the economy.' 'Technical assistance and strong project preparation are vital to mobilise additional development funding, enable public-private partnerships (PPPs) and attract private sector investment.' The Ministry of Economy and Tourism has signed two Memoranda of Understanding with the Spanish Patent and Trademark Office and the Moroccan Industrial and Commercial Property Office, aimed at strengthening cooperation in the development of intellectual property (IP) in the UAE in line with international best practices. The MoUs were signed in the presence of Abdullah bin Touq Al Marri, Minister of Economy and Tourism, during the UAE delegation's participation in the Sixty-Sixth Series of Meetings of the Assemblies of the Member States of the World Intellectual Property Organisation (WIPO) in Geneva. The agreements cover several strategic areas, including digital transformation, talent development, and enhanced coordination in industrial property and patent registration. They also seek to harness advanced technologies, such as artificial intelligence, to support patent search and classification processes. Minister Bin Touq highlighted the UAE's continued commitment to building a comprehensive IP ecosystem and fostering global partnerships. He noted that collaboration with Spain and Morocco represents a significant milestone in exchanging technical knowledge, streamlining registration procedures, and adopting modern compliance standards. Earlier the UAE Ministry of Investment and UN Trade and Development (UNCTAD) have signed a Memorandum of Understanding (MoU) to strengthen cooperation in investment policymaking, research, and sustainable economic development. This partnership underscores the UAE's commitment to harbouring an investment-friendly environment and reinforcing its role as a global business hub; and aligns with UNCTAD's commitments to ssupport countries to effectively access the benefits of a globalised economy. Through this collaboration with UNCTAD, the UAE is advancing the vision outlined in the National Investment Strategy 2031, strengthening its position as a premier global investment hub by capitalising on its world-class infrastructure, ease of doing business, progressive regulatory frameworks and strategic geographical location. The MoU was signed by Mohammad Abdulrahman Alhawi, Under-Secretary at the UAE Ministry of Investment, and Nan Li Collins, Senior Director of Investment and Enterprise at UNCTAD. The UAE Ministry of Investment and UNCTAD will establish a framework for cooperation to enhance investment policymaking, facilitate capacity-building initiatives, and promote sustainable economic growth. WAM
Sahara Media
2 days ago
- Politics
- Sahara Media
رئيس وزراء إسبانيا يشيد في نواكشوط بفوائد الهجرة "المنظمة" صحراء ميديا
FILE - Spain's Prime Minister Pedro Sanchez poses for a portrait after an interview with The Associated Press at the Moncloa Palace in Madrid, Spain, June 27, 2022. Spanish Prime Minister Pedro Sánchez says that he will consider resigning after what he calls 'spurious' corruption allegations against his wife led to a judicial investigation being opened on April 24, 2024. Sánchez said in a letter posted on his X account that while the allegations against his wife Begoña Gómez are false, he is canceling his public agenda until Monday when he announce whether he will continue or step down. (AP Photo/Bernat Armangue, File)
