Balearic Islands seek to ban non-residents from buying property

Officials point to similar policy in Canada and ask Madrid to lobby EU as high prices push out local people

Officials on Spain’s Balearic Islands want to ban non-residents from buying property as soaring prices in Mallorca, Menorca and Ibiza drive local people out and create “ghost villages” of empty homes.

Francina Armengol, the Balearic president, earlier said: “Many European and other citizens can afford property at prices that are impossible for the citizens of these islands.” The Balearics government also wants Madrid to curb house prices by declaring the islands a “stressed area”, defined as a place where rent or the cost of a mortgage exceeds 30% of the average local income.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

GuardianAus /  🏆 1. in AU

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China was criticised for undercounting its COVID death toll. Officials just reported a sharp riseAuthorities have reported a massive jump in COVID-19-related deaths since China's strict anti-virus regime was abandoned last month.
Read more »

‘Faithful servant’ George Pell farewelled at St Peter’s Basilica in the VaticanCardinals, bishops and church officials from around the world gathered at the holy site just four days after the Australian died from complications following a routine surgery.
Read more »

Brookfield, EIG Partners keep on trucking at Origin EnergyCanada’s Brookfield and US private equity firm EIG Partners are expected to request more time to shore up a joint $18.4 billion bid for Australia’s Origin Energy.
Read more »

Ex-Mexico security chief’s trial poised to lift lid on US and Mexico’s ‘war on drugs’Genaro García Luna, accused of accepting millions in bribes from cartels, in trial that could implicate officials on both sides of border
Read more »

Brookfield, EIG Partners keep on trucking at Origin EnergyCanada’s Brookfield and US private equity firm EIG Partners are expected to request more time to shore up a joint $18.4 billion bid for Australia’s Origin Energy.
Read more »

Arsenal 1-1 Chelsea: Women’s Super League – as it happenedSam Kerr’s majestic 89th-minute header gave the leaders Chelsea a precious point in a game that was dominated by Arsenal
Read more »