In an effort to address the skyrocketing property prices and speculation in the housing sector, Spain's government announced on Monday its intentions to eliminate the controversial "golden visas" program. The program currently allows wealthy individuals from outside the European Union to obtain residency permits by investing more than half a million euros in Spanish real estate.

The proposal to abolish the program was put forth by the country's Socialist Prime Minister, Pedro Sánchez, who aims to prioritize the rights of citizens and reshape the housing market as a social necessity rather than a speculative business.

Since its establishment in 2013 by the previous right-wing Popular Party government, approximately 10,000 "golden visas" have been granted as a means to attract foreign investors. However, the program has faced heavy criticism for its contribution to steep property price hikes and the subsequent negative impact on the housing market.

Spain has long been grappling with soaring house prices, particularly in major cities, posing a significant challenge for many Spaniards trying to find affordable housing. The move to abandon the "golden visas" program reflects the government's commitment to addressing this pressing issue and promoting access to affordable housing for its citizens.

The decision to scrap the program is expected to be discussed in the upcoming weekly Cabinet meeting scheduled for Tuesday. Prime Minister Sánchez's minority coalition government plans to thoroughly analyze the reform potential and lay the groundwork for its implementation.

By discontinuing the "golden visas" system, the Spanish government aims to create a more equitable housing market and alleviate the burden on citizens struggling to find suitable accommodation. As the debate unfolds, Spain's housing sector awaits potential reforms that could bring about a fairer and more sustainable real estate market for all.