British second-home buyers could be locked out of one of Europe’s most popular property hotspots under radical proposals in Spain’s Balearic Islands.
Lawmakers in Mallorca, Menorca and Ibiza are preparing to debate a bill that would block non-residents from buying homes unless they have lived on the island for at least five years – a move aimed squarely at overseas purchasers.
The proposal, tabled by left-wing party Més per Mallorca, comes amid mounting anger over soaring house prices and the impact of mass tourism.
The islands welcomed 19 million visitors last year, intensifying pressure on housing supply.
HOUSING PRIORITY
The Daily Mail reports that foreign nationals already own around 90,000 homes across the Balearics – about 16% of total housing stock. British buyers remain highly active in Spain, purchasing nearly 12,000 properties in 2024 alone, according to Idealista, with overseas buyers accounting for a record 13.8% of all transactions.
Lluis Apesteguia says “extraordinary measures were necessary” and adds: “We have to prioritise the houses that are for living in – not for those who want to speculate and continue with this game of Monopoly.”
Campaign group Menys Turisme Més Vida has vowed further protests, blaming second-home ownership for pricing locals out of key areas including Barcelona and the Balearics.
100% PROPERTY TAX
However, Sebastià Sagreras of the People’s Party warns that the proposals “cannot be fulfilled” under EU law, confirming his party would oppose the bill.
Pedro Sánchez has already pledged a potential 100% tax on properties bought by non-EU non-residents, though that measure has yet to pass parliament.
With the average 90-square-metre home in the Balearics now costing around £403,000 – up from £248,000 in 2020 – the political battle over foreign buyers is intensifying.
