Puerto Andratx is home to the most expensive property in the Balearics. | Majorca Daily Bulletin reporter
Palma17/07/2023 12:55
With the general election looming this Sunday, the left-wing Sumar Més coalition has proposed, as some parties did in the regional elections, to limit the sale of homes to people who do not live or are resident in the Balearics and “who buy them as investments to speculate and do business”.
4 comments
To be able to write a comment, you have to be registered and logged in
The far left parties did not do well in local and autonomous elections particularly in the Balearics. Planning is a local decision ratified by the island councils. Ownership by non residents is hardly likely to be banned after Sunday's General Election.
Jeremy Ponsenby-SmytheWhat an insult! Maybe you would like just a certain nationality here as well, banning all other nationalities? You don't like like the Spanish, it's no stopping you moving back where you came from. Maybe they wouldn't like your attitude there either!
To be honest the Island would be a lot better if it was all foreigners and no Spanish.
There's already some pretty severe tax penalties on non resident property owners, in addition to substantial capital gains tax penalties for "speculative" buying and selling. These alone make it rather cost-prohibitive to engage in that. Anyone aspiring to engage in that should first research these tax implications. And any estate agent worth their commission should disclose that to any such client. The vast majority of the buying spree here is people from the north arranging their retirement nest by selling up their properties in Germany or Sweden or wherever, and buying up something here to retire in. You know, to "reside" in. As a resident. Time will tell, but this would be attacking a rather nonexistent problem. And I'd expect this new government to scoff at any such suggestion. But we'll see. Politics often has little to do with practicality or wisdom.