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New Balearics Parliament initiative aims to limit the purchase of homes by foreign buyers

The Balears Parliament passed an initiative limiting the purchase of homes by foreigners or people who have lived on the islands for less than five years. The new law aims to tackle concerns about housing prices and ensure that long-term residents of the islands have access to affordable homes.
The legislation will affect those wanting to buy property in the Balearics who are not citizens or permanent residents of Spain.
The minority El PI party introduced the initiative to curb human pressure and saturation on islands.
The spokesman for the regionalist party, Josep Melià, argued that a "huge" portion of housing purchases in the region was made by outsiders—one of the culprits behind locals' difficulty getting access to homes.
Melià cited Denmark as an example, where on certain islands, there are limits on the purchase of homes by non-residents. "This measure is possible within the EU," he said, "it's a reality".
El PI also proposed that Parliament pass a resolution supporting the regulation of rental cars in Mallorca, Menorca and Ibiza. This is already the case in Formentera.
The Balears regionalist party has demanded that the central government give its local airport authority a role in managing the Balearics airports.
The Balearic government must be able to decide on the size of airports and air connections from and to other places," Melià said.
In addition, the chamber has agreed that the central government should include an increase in population, a floating population and the cost of living in each territory as elements to be considered for new funding models.

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