Now there's a proposal for a fifteen-year residency requirement to buy a home in the Balearics
"Could revolutionise the housing situation on these islands"
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.
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8 comments
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' 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.