National and International Real Estate Agencies (ABINI) has strongly rejected the proposal to limit the purchase of housing to non-residents and has accused (political party) Més per Mallorca of “seeking easy headlines instead of real solutions to the structural housing problem in the Balearic Islands”.
ABINI president Daniel Arenas has been clear: “I would not deny that demand from non-residents, which also includes residents of the mainland, has an effect on prices. But it is by no means the only factor. The real problem is that for 25 years there has been no response in terms of supply to the increase in population”.
Lack of management and absence of social housing
Arenas warned that for decades, no government in the Balearic Islands, regardless of political affiliation, has been able to provide a structural response to the housing problem. Not enough supply has been generated to keep pace with population growth and demand pressure, and this accumulated deficit is now the real source of price tension.
ABINI warns that limiting purchases based on residence or nationality is legally dubious, creates uncertainty and will not solve the structural problem. “Restricting buyers does not create a single additional home. If the housing stock is not expanded, prices will not fall structurally,” said Arenas.
The association also points out that the proposal lacks political viability: Més has 4 of the 59 seats in the Parliament and both the PP and VOX have already announced that they will vote against it.
“Balearic society has already spoken clearly at the polls against these ideas. Insisting on them is prolonging a fruitless debate,” said the president.
ABINI believes that, instead of promoting restrictions, Més should withdraw its appeal before the Constitutional Court against the Decree Law on Strategic Residential Projects (PRE), which requires 50% of homes in new developments to be for residents.
“In Palma alone, this regulation will allow for the fast-track processing of nearly 10,000 affordable homes exclusively for people who have been residents of the Balearic Islands for at least five years,” explained Arenas.
“Blocking the PRE Decree will only serve to delay the release of thousands of affordable homes onto the market. If the real objective is to facilitate access to housing, they should stop hindering measures that generate real supply.”