Europe

Group set up to limit foreign property market in the Balearics

The Balearic government has set up a study group to look into how to limit the purchase and sale of homes to foreigners in the Balearics, as promised in Parliament.

The aim is to analyse the European legal framework to find ways that could be used to limit transactions, which along with other reasons, are said to be causing the continuous increase in the price of housing.

The team met for the first time on Tuesday and is made up of representatives from the ministries of the Presidency, the Treasury, Housing, as well as the Community’s Legal Department and the University of the Balearic Islands (UIB).

The group is already working on an initial report on the current European regulatory situation, which is complex to limit the purchase of property by foreigners from European Union states.

The group will analyse existing measures in Europe and the international community in order to draw conclusions applicable to the situation on the Islands.

The creation of the group is in response to the approval of a motion presented by Més per Menorca and approved in Parliament last March.

The initiative called on the government to set up a working group to analyse the regulations that prevent foreigners from buying property, to propose alternatives to modify them, to study the cases and measures that exist in Europe and internationally in this area, and to draw conclusions applicable to the problems of the Balearics.

This group is expected to deliver its report within one year.

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