Spanish Prime Minister Pedro Sanchez said he would propose to ban purchasers from outside the European Union from buying properties, as the government seeks to curb rising housing prices, which have become an increasing source of friction.

Spanish Prime Minster, Pedro Sánchez, announced Sunday a series of government reforms and policy proposals, including harsh restrictions on non-EU residents purchasing property. The measures aim at

Spanish Prime Minister Pedro Sanchez plans to restrict property purchases by non-EU buyers as a measure to regulate housing prices. The proposal includes potential bans and tax increases on foreign acquisitions to combat speculation.

Following the success of the socialist party's proposal last week to slap a tax of up to 100 percent on non-EU property purchases.

Spanish Prime Minister Pedro Sanchez will propose a ban on people from outside the European Union buying homes in the country, part of a broader attempt to confront a housing shortage.