The Canary Islands government has submitted two legislative drafts to the central Spanish administration aimed at restricting property purchases to individuals who have resided in the region for at least 10 years.
- Local officials seek to limit real estate speculation and provide municipalities with regulatory tools for sales and rentals.
- The proposal requires approval from both the central government and the European Union due to the region’s status as an outermost territory.
- The regional government aims to finalize these measures before the November 29 elections.
Authorities stated the initiative intends to curb the commodification of housing within the islands.