Are foreigners allowed to own property in Madrid?

"Yes, foreigners are allowed to own property in Madrid. Non-residents of Spain are able to purchase property in the same way as Spanish citizens, and there are no restrictions on foreign ownership. However, foreign buyers must obtain a tax identification number from the Spanish Tax Office and must pay taxes on any income generated from the property. Additionally, foreign buyers must obtain a residence permit if they plan to stay in Spain for more than three months," mentioned another expat when asked about moving to Madrid, Spain.