Foreign property investment is vital for the Balearic economy.

Foreign property investment is vital for the Balearic economy. | Majorca Daily Bulletin reporter

Humphrey CarterPalma04/07/2022 11:05
TW
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The Balearic National and International Real Estate Association, ABINI, has warned that it will oppose any atempts to restrict the purchase of properties by foreigners in the Balearics as well as any attempt to limit the freedom to buy, sell and rent to whomever they wish, regardless of whether they are resident in the Islands or not.

The Association said that the foreign property market is vital for the local economy and that they are working "side by side" with the local authorities to regulate real estate sector.

They are "concerned" about the difficulty in accessing housing in the Balearic Islands and are trying to find solutions.

The latest report carried out by ABINI revealed that in in 2021, the real estate sector in the Balearics generated 6,603 million euros.

The Association of Notaries has also revealed that more than half of the total properties sold in the Islands were bought by foreigners.

But, this has led to several left-wing parties to propose limiting the purchase of properties by foreigners.