The Balearic Islands government has rejected calls from the Canary Islands for EU assistance in restricting foreign home purchases due to concerns over rising rents and property prices driven by mass tourism. Francisca Ramis, a regional official, argued that such restrictions violate free market principles and fundamental rights, asserting that it contradicts EU regulations. Meanwhile, the average property prices in the Balearics have surged by 30% in five years, with rents increasing by 40%. The Balearic government feels local solutions should be prioritized over restrictive measures against foreign buyers.
The Director of Institutional Relations and Parliamentary Affairs for the Balearic Islands, Francisca Ramis, opposed restricting foreign home purchases, emphasizing fundamental rights and free market principles.
Despite rising property prices and rents, the Balearic Government deems requests for restricting foreign home purchases as counterproductive, suggesting that local authorities should address housing issues.
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