Brussels hits back at Balearics over plan to curb foreign property ownership

European Union slams plan

Jason Moore15/03/2023 11:50

You can't do it, was the European Union's reaction to plans by some political groups in the Balearics to attempt to curb the sale of homes to non-residents and foreigners. Brussels effectively knocked the plan into touch stating that a freeze of this type could only be introduced for reasons of national security and public interest. Obviously, this is not the case in the Balearics.

Certain elements of the coalition Balearic government have been pushing for a ban on the sale of homes to non-residents in an effort to resolve the housing crisis. Local real estate agents have slammed the move claiming that it would destroy the housing market. Others say that the damage has already been done with even the threat of a possible ban spooking some foreign home buyers.

Brussels effectively told the Balearic government to have a complete rethink. Real estate agents have said that successive governments should have built more public housing using the proceeds from tax paid by foreign buyers on homes they have bought in the islands.

One real estate agent said: "I think you can say that it is thank you and goodnight for the plan..."