Spain's snap general election on 29 November 2026, called by Prime Minister Pedro Sánchez in early October, features a census of 38.7 million eligible voters, including 1.6 million first-time participants and simplified voting for 2.8 million abroad. Recent polling averages show a competitive contest with the PP leading the PSOE by roughly five points and Vox gaining ground, sustaining high partisan engagement that analysts link to turnout estimates around 74 percent—the highest since 2004. This environment of polarization, expanded electorate, and a short campaign starting mid-November underpins trader pricing clustered near 68–72 percent, with room for movement from final mobilization efforts, regional variations, or last-minute shifts in voter enthusiasm before polls close.