The latest proposal designed to limit foreign buying of homes in Mallorca and the Balearics has come from Més in Menorca. Spokesperson Josep Castells explains that in areas where a housing emergency is declared, when a home is put up for sale, it should be to individuals with at least fifteen years residency and to those with permanent employment contracts. This fifteen-year stipulation would be effective for the first two years. It would then be reduced to six years. After a further two years it would be eliminated.
"If the law is passed, we will restore the right of the island's citizens to live in their own homes. It seeks to halt the rise in prices resulting from the huge surge in buying by wealthy foreigners," says Castells.
"We have a proposal on the table that could revolutionise the housing situation on these islands, provided the other parties are committed to making it work." He believes the proposal is "legally grounded" and fully applicable and that it "removes excuses" based on the fact that it may contradict European legislation.
"It's enough to see villages and towns full of empty houses and apartments that are closed all year round, gathering dust and only open for two weeks in the summer, while residents who want to live here can't find a home and are forced to seek their future elsewhere. The streets and businesses are also deserted, which means job losses and businesses closing. In this vote, we will see who is truly on the side of the residents and who is not."
The vote he refers to will be on Tuesday in the Balearic Parliament, where the Més per Menorca proposal will be debated. It has zero chance of being passed. Also up for debate is a proposal from PSOE to limit rent prices. The Partido Popular have already made clear they are against rent caps because they are "interventionist". Spanish law allows regional governments to choose if they want rent caps or not.
10 comments
To be able to write a comment, you have to be registered and logged in
A dysfunctional government in its last throws desperate to appear relevant.
Clearly Biden is to blame.
' fifteen years residency' ? Residency where. The EU, Spain, Mallorca ?????
They are beyond stupid. If they spent more time working, trying to build a life of their own, and less time complaining and being racist, their fortunes might turn.
This means people who wants residency needs to rent for 15 years before being able to buy. What's the point of that? It's the renting properties who are in shortage. This means the rents will increase even further. Or I guess it means they hope noone will settle here at all in the future. I can't see this going through as Spain is part of EU
A subject that yet again leads to the same conclusion, which the local government would rather side track. Build more social and affordable housing.
What nonsense.
I love the "let make it harder for wealthy foreigners" instead of "let's make the locals wealthier" approach. You wanted open markets? There you have them.
As said in the article, this will never come into effect. It isn’t, in principle, legal under EU law to restrict EU citizens to buy property in another EU country. (art 63 TFEU). There can be exceptions but those cannot be discriminatory and must be PROPORTIONATE. Seems to suggest the whole concept of 2nd homes or holiday houses should be banned? Will never happen. Regulating or even putting in caps on small apartments (and rooms) in cities like Palma has more chance of ever passing.
And how does this help? It will just discourage most potential sellers from actually selling until 4 years later.