The ever-increasing lack of housing among locals in the Canary Islands has caused government officials to take matters one step further.
The Government of the Canary Islands will be presenting its case to the European Union seeking a new initiative when it comes to home purchases from foreign buyers.
It is hoping the EU will look into potential restrictions on the purchases of residential properties by non-EU citizens and non-residents.
These negotiations could set the precedent for other regions in Spain and Europe to follow suit which will greatly affect the future of foreign property investment.
Minister of Public Works, Housing and Mobility for the Canary Islands, Pablo Rodríguez, will present his Canary-focused agenda in Brussels, Canarian Weekly reports.
Mr Rodríguez said: “The Government of the Canary Islands has a clear objective.
“We are committed to utilising all available mechanisms to guarantee that housing access for Canarians is secured and not distorted by dynamics that do not align with our social and economic realities.
“This approach is essential to protect our environment from external impacts that adversely affect the housing market and the quality of life for our residents.”
According to data from Spain’s College of Property Registrars, roughly 33.69 % of homes in the Canary Islands were purchased by foreign buyers.
Despite the ongoing negotiations, Rodríguez said he was also aware of the complexities involved in European Union law which upholds fundamental principles including the right to freely reside within member states and also the right to economic diversification.
Both laws are enshrined in the Treaty on the Functioning of the European Union.
Mr Rodríguez added: “It is imperative that we find a solution compatible with these principles, one that respects the European framework while allowing us to implement specific measures to alleviate pressures on our real estate market.”
European Union rules which stipulates that UK citizens can only spend 90 days at a time in Spain saw many UK holidaymakers reportedly “abandon” their holiday homes in the Canary Islands.
This was said to be the reaction from many Brits with holiday properties in regions including Tenerife and Lanzarote.
One Tenerife local, Antonio Bullon, said: “The authorities must immediately stop this corrupt and destructive model that depletes the resources and makes the economy more precarious.”
There have been a number of protests in the islands with local residents holding up placards reading “We don’t want to see our island die”, “Stop Hotels” and “Canaries not for sale”.
