The Canary Islands Government has said it supports introducing legal measures to limit property purchases by foreign buyers, i.e. non-residents of the islands, who have no intention of living in the archipelago and only buy homes for investment or speculative purposes.

Government spokesperson Alfonso Cabello said changes to the law are needed to help tackle the housing crisis, arguing that the current system is placing increasing pressure on the local property market.

Speaking in a video published on his social media, Cabello acknowledged that introducing restrictions would not be straightforward because of EU rules governing the free movement of capital and property ownership.

Higher Costs Rather Than an Outright Ban

To combat this, Cabello suggested making such transactions significantly more expensive for buyers who are not planning to become residents, rather than banning foreign purchases altogether,

He said the aim should be to discourage speculative investment while protecting access to housing for people who live in the Canary Islands.

"We shouldn't mislead anyone or promise magic solutions," he said, arguing that meaningful progress would require changes to existing legislation.

Other Measures Proposed

Cabello also called for complementary policies to ease pressure on the housing market.

Among the proposals is encouraging more people to settle in the islands' rural areas, and on those islands where population growth has remained limited in recent years, helping to spread housing demand more evenly across the archipelago.

Foreign Demand in the Spotlight

The Government spokesperson pointed to figures that he believes illustrate the scale of the issue.

According to Cabello, 35% of all homes sold in the Canary Islands last year were purchased by foreign buyers, while around 90,000 properties have been bought by overseas purchasers over the past decade.

He described those figures as "concerning" and said they underline the need to consider new measures aimed at ensuring more homes remain available for residents.

The comments come as housing affordability continues to dominate political debate across the Canary Islands, with rising property prices and a shortage of available homes affecting many local families as well as workers moving to the islands.