Canary Islands proposes regulations to curb non-resident property purchases
What happened
The regional government in Canary Islands is seeking new measures to limit non-residents buying property in the archipelago, citing struggles with affordable housing among locals. Two draft regulations were submitted to central government in Madrid as urgent measures. These proposals aim to provide local councils with tools to regulate property sales and rentals.
From thelocal.es
Why it matters
The proposals seek to prevent housing from becoming solely a commodity subject to speculation. Approval requires not only the Spanish Cabinet but also authorization from Brussels because the Canary Islands is an outermost region of the EU.
From thelocal.es
Who's involved
- Canary IslandsThe regional government proposing measures to curb property speculation
- SpainThe country whose central government must approve the measures
- MadridThe capital of Spain receiving the draft regulations
- European CommissionThe executive branch of the European Union required to authorize the measures
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- TenerifeSpeculative
Tenerife could also experience reduced investment in its local real estate market.
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The entities involved
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Spain
country in southwestern Europe with territories in Africa
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Canary Islands
autonomous community of Spain, and archipelago in the Atlantic Ocean