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ARCHIVED - Balearic Islands take steps to limit house purchases by non-residents
ARCHIVED ARTICLE -
If approved, Spain will become the second country in the EU to restrict home sales for foreigners
After several months of delays, the government of the Balearic Islands has set the wheels in motion to try to limit the sale of homes to non-residents. A working group was set up earlier this week that will examine the precedence in Europe and the current laws governing property ownership in the EU.
There is limited space for housing on the Spanish Mediterranean islands, and some feel those precious places should go to local people who live on the island rather than being destined as holiday homes and remaining empty for half the year.
It’s worth noting that Denmark is the only EU country that has legally managed to limit the acquisition of real estate by foreigners, and that’s only because it was signed in its accession treaty.
It’s a complex process that involves many steps, the first being the definition of a ‘resident’. Once this has been established, the working group will have to specify the areas of the community where there are housing and land shortages in order to justify limiting their purchase.
Those involved will also be expected to show the EU that it is in the best interests of the region to restrict property sales to non-residents.
The proposal is yet another blow to Britons, with whom the Balearic Islands have long been a preferred destination and if approved, tourists may be unable to buy a bolthole in the sun in the future.
Tensions are already high after Mallorca’s Director of Tourism, Lucía Escribano, made some throw-away remarks at the World Travel Market in London last month that suggested the island is no longer interested in welcoming budget UK holidaymakers.
Balearic Islands representatives insisted that Ms Escribano’s statements were taken out of context, but this latest move will do little to improve relations.
There are many more hurdles to jump, however: even if the law is approved by the local Parliament and the government, it could still be rejected by the European Commission or another member state, in which case lawyers for the Balearic Islands would have to argue the benefits of the restriction.
Image: Pixabay
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