Despite efforts by the Spanish government to dissuade some foreigners from purchasing property in Spain with restrictive legislation, overseas buyers from certain countries are continuing to buy homes here at record rates and prices.
This is because, the reasoning goes, growing demand is outpacing supply, which in turns increases prices and locks many Spaniards out of the property market.
Now, whether or not measures such as those will actually help is another debate, but with rapidly rising rental costs and a shortage of properties overall in Spain, the government has attempted various ways of alleviating the housing crisis and foreigners have faced the brunt of this.
Despite that, as well as a more general anti-tourism bordering on anti-foreigner sentiment in Spain, non-Spaniards bought homes at increasing rates in the second half of 2024 and paid record prices for them.
This is according to Spain’s latest report from the General Council of Notaries.
In that period, foreigners bought 69,690 properties, which translates into a 10.3 percent year-on-year increase and is the third highest half-yearly figure on record.
With regard to the market as a whole, this represented 19.5 percent of total sales between July and December, remaining below the average recorded in 2023 when it exceeded 21 percent.
Resident foreigners accounted for the majority of purchases (58.1 percent of the total, for 40,489 units) with year-on-year growth of 11.8 percent, while non-residents accounted for the remaining 41.9 percent (29,201 transactions).
Which foreigners are buying the most properties in Spain?
Looking at the figures, the foreign nationals who bought the most homes in the second half of last year were UK citizens, who remain at the top of the table as has been the case for years, with 6,048 Spanish property purchases between June and December 2024.
Brexit, which caused them to become non-EU nationals, has not put them off the prospect of a home in the sun, even if this means only spending 90 out of 180 days in their Spanish homes, in the case of non-residents.
We will have to wait and see if the Spanish government’s proposed supertax or potential ban on non-resident non-EU nationals influences British appetite for Spanish real estate in the first half of 2025.
Britons were followed by Moroccans (5,060 property purchases), Germans (4,650); Romanians (4,270); Italians (4,066); Dutch buyers (3,933); the French (3,910), Belgians (3,164); Poles (2,842) and the Chinese (2,737).
Compared to the previous year, purchases by foreigners increased especially among Poles (+43.7 percent), the Chinese (+26.5 percent) and Ukrainians (+26.3 percent).
US nationals bought 1,432 properties in the second half of 2024 while Irish buyers made up 1,121, according to the official notary stats.
How much are foreigners willing to pay for Spanish homes?
Foreigners are paying record rates for property in Spain. On average, foreign buyers paid €2,362/m2 for their homes in the second half of the year, 8.6 percent more than in the same period of 2023. This is the highest figure on record, and has been driven by the growing amounts paid by non-residents, which has for the first time exceeded €3,000/m2.
Specifically, the average price among non-resident foreigners reached €3,063, compared to the €1,795/m2 paid by residents and the €1,713/m2 paid by Spanish buyers, neither of which represent record highs.
The nationalities paying the most were Americans (€3,390/m2), Swedes (€3,295/m2) and Germans (€3,224/m2). On the other hand, the lowest prices by nationality were among Romanians (€1,205/m2) and Moroccans (€753/m2).
In the second half of 2024, all regions of Spain registered an increase in the purchase and sale of homes by foreigners with the sole exception of the Canary Islands, where transactions fell by 3.9 percent year-on-year.
The biggest increases were in Cantabria (33.5 percent), Castile and León (28.7 percent), Asturias (28.6 percent), Extremadura (26.9 percent), Castile-La Mancha (23 percent), Galicia (22.5 percent) Madrid (21.9 percent).
Most publicly traded U.S. companies have released the announcements for their shareholder meetings, including reports on executive compensation. The top executives of major U.S. companies have astronomical salaries. In addition to fixed salaries and cash bonuses, they receive incentives in the form of stock options or shares, pushing their total compensation into tens of millions of dollars.
While some major companies have yet to publish their reports, there are already a dozen CEOs with compensation packages exceeding $50 million. Leading the pack of chief executive officers is Starbucks’ new hire, Brian Niccol, with $95.8 million. He is closely followed by the CEOs of GE Vernova, Blackstone, Microsoft, and Apple.
Among the top executives at U.S. companies, there is also a group of Spaniards. While their salaries exceed those of their counterparts in Spain, they don’t rank among the highest-paid U.S. executives. Leading the Spanish cohort is Ramón Laguarta, chairman of PepsiCo, with a total compensation of $28.8 million. He is followed by Javier Oliván, chief operating officer of Meta, who earned $25.5 million. Joaquín Duato, chairman and CEO of Johnson & Johnson, received $24.3 million last year, while Enrique Lores, president and CEO of HP, earned $19.4 million in fiscal year 2024, which ended on October 31.
These figures fall well short of those earned by the top-paid American executives. The ranking includes leaders of publicly traded companies who received more than $50 million in total compensation. In 2023, five executives surpassed the $100 million mark: Jon Winkelried of TPG ($198.7 million), Harvey M. Schwartz of Carlyle ($187 million), Hock E. Tan of Broadcom ($161.8 million), Nikesh Arora of Palo Alto Networks ($151.4 million), and Sue Y. Nabi of Coty ($149.4 million). So far in 2024, no executive has exceeded $100 million, though some companies have yet to disclose their figures. This list will be updated regularly to reflect the highest-paid executives in the United States.
1. Brian Niccol (Starbucks): $95.8 million
Brian Niccol was the corporate world’s star signing in 2024. In August, Starbucks hired him to lead the coffee chain, bringing on board the then-CEO of Chipotle, a Mexican fast-food company that he had transformed into an empire. Prior to that, he had worked at Pizza Hut and served as the head of Taco Bell. The mere announcement of his appointment sent Starbucks’ stock soaring. At 51 years old, Niccol was handsomely rewarded. Despite taking the helm in September, his total compensation amounted to $95.8 million. He signed a $10 million signing bonus — half of which was paid last year — and received stock incentives worth $90.3 million, largely to compensate for the awards he forfeited by leaving Chipotle. His salary, along with housing, legal fees, and other benefits, brought his total compensation to the reported $95.8 million.
2. Larry Culp (GE Aerospace): $88.9 million
The compensation of Larry Culp, chairman and CEO of GE Aerospace — the successor to General Electric — soared from $14 million to $88.9 million in 2024. The main reason was a special long-term stock incentive worth $49 million, tied to the company’s share price and set to vest by the end of his contract in 2027.
According to the company’s compensation report, the award agreement “provides a stronger retention incentive than simply increasing his annual compensation package would have.” To receive it, Culp must “achieve the performance target and fulfill the term of the contract.” The value of the award reflects “Mr. Culp’s exceptional past performance and his ability to lead GE Aerospace to success at this critical time,” the report adds.
Altogether, Culp earned a fixed salary of $2.25 million, a $6.8 million cash bonus, $78.3 million in stock incentives, and $1.6 million in pension and other benefits.
3. Steve Schwarzman (Blackstone): $84 million
For Steve Schwarzman, chairman and CEO of Blackstone, the $84 million compensation in 2024 represents a significant reduction. The executive earned $253 million in 2022 and $120 million in 2023. Blackstone’s compensation system differs from the typical corporate structure and is based on a form of success fee. His base salary is $350,000, with the rest made up of “distributions, whether cash or in-kind, in respect of profit-sharing or incentive fee allocations” tied to Blackstone’s performance plans, according to the company’s annual report. At 78 years old, Schwarzman is a co-founder and controlling shareholder of the investment firm, holding 51.8% of the capital. His salary is a small portion of his vast fortune, valued at $43 billion.
4. Satya Nadella (Microsoft): $79.1 million
Microsoft operates on an irregular fiscal year, so the compensation of its CEO, Satya Nadella, is for the fiscal year ending on June 30. Nadella, 57, born in India, has led the company since 2014 and has been its chairman since 2021. The executive’s compensation surged by 63% last year, reaching $79.1 million, in recognition of the company’s success and strong operational and stock market performance. Nadella earned a fixed salary of $2.5 million, a $5.2 million cash bonus, $71.2 million in stock incentives, and additional benefits.
5. Tim Cook (Apple): $74.6 million
Tim Cook, CEO of Apple, earned $74.6 million for the fiscal year ending on September 30, an 18% increase from the previous year, but still below the $99.4 million he received in 2022. Cook’s salary hike came in a year when Apple’s profits declined for the second consecutive year. Nonetheless, the company achieved new record highs on the stock market and closed the calendar year as the world’s most valuable company by market capitalization. Cook earned $98.7 million in 2021, which sparked criticism from investors and shareholders. In the annual meeting for that year, shareholder support for the advisory vote on executive compensation plummeted from 95% to 64%. As a result, the company decided to lower Cook’s compensation after discussions with shareholders and the executive himself.
6. Joe Bae (KKR): $73.1 million
The investment firm KKR has two co-chairmen and two joint CEOs. Together, the four top executives earned a total of $229 million in 2024. The highest-paid of them was Joe Bae, 52, born in South Korea. Similar to Blackstone, KKR compensates its executives with a performance-based commission or success fee. Bae’s base salary was $300,000, but his total compensation rose to $73.1 million due to this performance-based bonus, up from $50 million the previous year, according to the figures in the firm’s annual report.
7. David Gitlin (Carrier Global): $65.7 million
David Gitlin, 55, made his way onto the list of the highest-paid executives in the United States in 2024, despite his company, Carrier Global, not even being among the top 150 companies in the S&P 500 by market capitalization. Carrier is a multinational specializing in heating, ventilation, air conditioning, refrigeration, and fire and security systems, based in Palm Beach Gardens, Florida. Gitlin has led the company since 2019 and has chaired the board since 2021.
The company awarded him a special incentive due to “the criticality of having CEO continuity to remain on course with its ongoing transformation while delivering superior value to shareowners, and the significant concern about Mr. Gitlin’s retention against the background of numerous media speculations about the possibility of him taking on a CEO role with a different public company,” according to the company’s compensation report. Thanks to this extraordinary long-term incentive in stock and options, his compensation rose from $17.7 million in 2023 to $65.7 million in 2024.
8. Scott C. Nuttall (KKR): $64.2 million
Scott C. Nuttall is the other joint CEO of KKR. His compensation rose from $47.1 million in 2023 to $64.2 million in 2024, similar to Bae’s increase, due to the firm’s performance-based commission. Nuttall, 53, took on the day-to-day management of the company alongside Bae, while Henry Kravis and George Roberts transitioned to the roles of co-executive chairmen.
9. Ted Sarandos (Netflix): $61.9 million
The on-demand streaming platform Netflix also has two of its CEOs among the highest-paid executives in the United States. The company’s founder and architect, Reed Hastings, stepped down from day-to-day management in 2023, with Ted Sarandos and Greg Peters taking over. In 2024, both received a stock award valued at $42.7 million, which helped them join the ranks of the highest-paid executives. Sarandos earned a base salary of $3 million, a $12 million cash bonus, the aforementioned $42.7 million in stock, options worth $2.2 million, and additional compensation totaling $1.96 million.
10. Greg Peters (Netflix): $60.3 million
Greg Peters’ compensation scheme as joint CEO of Netflix is very similar to that of his colleague Ted Sarandos. He also received a base salary of $3 million, a $12 million cash bonus, and $42.7 million in stock. However, in his case, the options granted were valued at $1.95 million, and the additional compensation amounted to $613,000. In total, his compensation reached $60.3 million.
11. Shantanu Narayen (Adobe): $52.4 million
Shantanu Narayen’s compensation increased by 17% in 2024, reaching $52.4 million. The 61-year-old chair and CEO of Adobe, originally from India, is a long-time figure at the company. He joined in 1998 and has led the company since 2007. In 2024, Narayen received a base salary of $1.5 million, a $2.94 million cash bonus, $46.3 million in stock incentives, and $1.6 million in other compensation.
12. David M. Zaslav (Warner Bros Discovery): $51.9 million
Among the executives earning more than $50 million in 2024, David Zaslav heads the company with the smallest market capitalization. Warner Bros Discovery is valued at just around $20 billion on the stock market and is not among the top 350 companies in the S&P 500. Hundreds of CEOs of larger companies earn smaller salaries. Zaslav has been president and CEO since the merger between Discovery and WarnerMedia was completed in 2022. Previously, he was president and CEO of Discovery since 2007. In 2024, he earned $3 million in cash, $23.9 million in cash bonuses, $23.1 million in stock awards, and $1.9 million in other compensation.
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THE European Union has handed out fines totalling €700 million to US tech giants Apple and Meta for breaching digital competition rules.
The news is set to further annoy US President Donald Trump who has repeatedly opposed rules laid down by the EU and the impact they have on American firms.
The penalties come under the Digital Markets Act (DMA), which ensures fair business practices by tech companies.
The European Commission has penalised Apple to the tune of €500 million for stopping app makers from directing users to cheaper options outside its own App Store.
Meta has been fined €200 million because it forced Facebook and Instagram users to choose between seeing personalised adverts or paying to avoid them.
Former Spanish environment minister and now EU commissioner, Teresa Ribera, is the commission executive vice-president in charge of competition.
She said that Apple and Meta had fallen short of compliance with the DMA ‘by implementing measures that reinforce the dependence of business users and consumers on their platforms’.
The commission had ‘taken firm but balanced enforcement action against both companies, based on clear and predictable rules’, Ribera added.
“All companies operating in the EU must follow our laws and respect European values.”
Apple accused the commission of ‘unfairly targeting’ it and added that it ‘continues to move the goal posts’ despite the company’s efforts to obey the rules.
Meta’s Chief Global Affairs Officer, Joel Kaplan, said “The Commission is attempting to handicap successful American businesses while allowing Chinese and European companies to operate under different standards.”
Apple and Meta have to comply with the decisions within 60 days or risk unspecified ‘periodic penalty payments’, according to the commission.
Both companies have previously indicated that they will launch appeals if rulings went against them.
From the very first moment, when he announced the name he had chosen for his papacy, Jorge Mario Bergoglio linked his work as head of the Catholic Church to the environment and the defense of humanity’s “common home,” planet Earth. Pope Francis chose the name because of Francis of Assisi, the patron saint of the environment for the Catholic Church, as well as a symbol of poverty. His first encyclical, in June 2015, was titled Laudato si — also taken from a hymn by Saint Francis of Assisi. That text was entirely focused on the environment and the fight against global warming. The text cast aside any climate denialism and arrived in a key context: just months before the United Nations summit at which the Paris Agreement was to be finalized.
In 2023, through an apostolic exhortation, the Pope updated that encyclical to, among other things, scold governments for not replacing fossil fuels responsible for the “climate crisis” with renewable energy at the necessary speed. In his autobiography, which came out in mid-January, he spoke again of the “climate emergency.” He added: “Our common home asks us to pause in our way of life, which pushes the planet beyond its limits and causes soil erosion, the disappearance of fields, the advance of deserts, the acidification of the seas, and the intensification of storms and other intense climate phenomena.” That’s exactly what science tells us, point by point, comma by comma: we are behind schedule, and extreme events are becoming more severe and frequent.
Francis was, without a doubt, the pope who embraced scientific evidence on climate change and led the Catholic Church to take a stand on such a strategic issue, one that ultraconservative and denialist populism has targeted with hoaxes and lies. Teresa Ribera, vice president of the European Commission and an international benchmark for climate diplomacy in recent decades, recalls that Bergoglio was “enormously respected for his social commitment” when he became pontiff. But “he immediately understood and embraced environmental protection as a central axis of peace and justice among humanity.” “His Laudato si, perhaps the most important ecumenical product of his papacy, marked a before and after in global climate action. Half jokingly, half seriously, he recalled: ‘God always forgives, men sometimes, and nature never,’” Ribera recalls.
That encyclical dismantled denialism and joined the pronouncements that other religious leaders had made in 2015 to pressure the signing of the grand pact against climate change, which finally happened on December 12 in the French capital. However, none of the other leaders’ pronouncements had the depth of the papal encyclical.
For Manuel Pulgar, Peru’s Minister of the Environment from 2011 to 2016 and another authoritative voice in climate diplomacy, the text represented “a very timely contribution by Pope Francis and the Holy See to the process that led that same year to the adoption of the Sustainable Development Goals in September and, months later, in December, to the Paris Agreement.” “It defined an unprecedented role for the highest hierarchy of the Catholic Church in the multilateral debate on environmental issues,” adds Pulgar, who believes the encyclical was “a positive political signal” that, combined with others, such as the joint declaration by China and the U.S., “created the appropriate atmosphere for achieving the goal of reaching an agreement in Paris.”
“With Laudato si, he managed to reach so many people around the world and mobilize them at a very important moment when we were negotiating the Paris Agreement,” recalls Sara Aagesen, Spain’s Minister for Ecological Transition. Aagesen also participated in those negotiations at the summit held in the French capital.
The diplomat and politician Laurence Tubiana is considered one of the architects of the Paris Agreement. She highlights Bergoglio’s promotion of “a humanist vision of the global management of the commons.” Like her colleagues, she emphasizes the value of the 2015 encyclical as “a foundational text of the Christian commitment to climate action, which has inspired and shaped a new generation of committed people. By clearly exposing the causes of the crisis we are experiencing, Pope Francis reminded us to whom the fight against the climate crisis is directed: humanity as a whole.”
But the encyclical wasn’t an isolated text in his papacy, because the environment and climate change struggle were present throughout his tenure. For example, when he had a public meeting in St. Peter’s Square at the Vatican in 2019 with Swedish activist Greta Thunberg, the great symbol of the fight against global warming at the time and the target of fierce attacks from denialists and conservative sectors. “Keep going,” the pontiff encouraged her. Then, in 2022, the Vatican finally ratified the Paris Agreement. And a year later, he attempted to participate in the climate summit held at the end of 2023 in Dubai, although health problems ultimately prevented him from doing so.
Green Speech by the Pope
During Bergoglio’s 12-year papacy, climate change has accelerated, and scientific evidence that this human-caused warming is also behind the intensification of extreme weather events has become more solid. Unlike other social issues where the Church moves very slowly or not at all, the pontiff’s “green” rhetoric has evolved at the pace set by science and activism. If in the 2015 encyclical he spoke of “climate change,” in the 2023 update he alluded to the “climate crisis,” and in his autobiography he used “climate emergency” to refer to this problem.
The exhortation in which he spoke of the climate crisis — Laudate Deum (2023) — fits well into this evolution of Bergoglio’s environmental discourse throughout his papacy. Although he defended “multilateralism,” he harshly criticized recent climate summits. “Today we can continue to affirm that the agreements have had a low level of implementation because adequate mechanisms for control, periodic review, and sanctioning non-compliance were not established,” he maintained. Furthermore, he criticized the blocking attitude of some nations: “International negotiations cannot make significant progress because of the positions of countries that prioritize their national interests over the global common good.”
Manuel Pulgar highlights the Pope’s proposal to reconfigure multilateralism by generating “a new procedure for decision-making and legitimizing those decisions.” This is because he was proposing something that is currently “discussed in various forums, and that is to achieve a kind of greater democratization in the multilateral process.” “Both documents, Laudato si and Laudato Deum, represent a new perspective by the Catholic Church on the new challenges facing humanity,” Pulgar emphasizes. However, he criticizes the limited “dissemination” of these writings by the Church itself. “The Church would promote real change if it could convert these texts into simpler catechetical texts that would reach a mass audience of different ages,” he opines.
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