BRITISH property hunters are in for a shock as lawmakers weigh plans to ban non-residents from buying homes on the Balearic Islands.
Left-wing party Mes per Mallorca has drafted a proposal that would bar anyone from purchasing property in Mallorca, Menorca, or Ibiza unless they have lived on the islands for at least five years.
The bill, due for debate in the coming weeks, aims to tackle a soaring housing crisis that has sent property prices sky-high over the last five years, leaving locals and young buyers priced out.
Mes per Mallorca MP Lluis Apesteguia blames the trend on foreign buyers, arguing that homes on the islands should be reserved for residents, not property speculators.
“We have to prioritise the houses that are for living in,” he told the Daily Mail. “Not for those who want to speculate and continue with this game of Monopoly.”
Government figures show around 90,000 homes in the Balearics are owned by non-Spaniards – 16% of all housing stock.
Brits alone snapped up roughly 12,000 homes across Spain in 2024, according to property portal Idealista.
The Balearic government is also cracking down on holiday rentals to free up homes for locals.
Following a law passed in April last year, councils have strictly limited licences for short?term rentals in tourist hotspots like Palma, Ibiza Town and Magaluf.
READ MORE: Over half-a-million new mortgages approved during 2025 in Spain – the highest number for 15 years
The law also banned new tourist rental licences entirely within Palma’s municipality to curb overtourism and take pressure off the housing market.
Under the rules, owners are now forced to register their properties before offering them for short?term lets, or face hefty fines of up to €500,000 for unauthorised rentals.
The aim is to stop the flood of homes being snapped up for tourists, which has helped push up rents to record highs.
Average rents in the Balearic Islands climbed 8.5?% in 2025, reaching about €19.10 per square metre on average, with some areas like Ibiza seeing even steeper increases.
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