THE Balearic Islands regional government is looking to see if can limit property sales to non-residents.
High prices and availability of homes to islanders have prompted the long-trumpeted move, but there’s a very long way to go in the process, which would appear unlikely to become a reality.
There are many legal hurdles to overcome- notably EU legislation- and a report has been commissioned to examine current European laws.
There is no precedence in the EU for such a move, with the exception of Denmark who had a property agreement included in their accession deal.
Legal experts say that it would be an arduous process because even if the Balearics government passed a law, it could be vetoed by the national government for infringing European laws.
Even if Madrid agreed to it, it would almost certainly be challenged by the European Commission or any EU member state before ending up in the European Court of Justice.
- Mallorca has Spain’s most expensive area for property rentals
- Property sales go through the roof in Mallorca with Brits and Germans buying on the island
- Property prices continue to soar across Spain as Malaga and Balearics lead the way