The Balearic Islands' parliament is preparing to debate a proposed ban on non-residents purchasing homes in Majorca, Minorca, Ibiza, and Formentera. This proposal, put forward by the political party Més per Mallorca, will be reviewed on February 24.
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MP Lluís Apesteguia stated that the proposed ban would prioritize homes for residents, discouraging speculative investment in the region's property market. He affirmed that this restriction complies with EU rules and existing case law.
Apesteguia emphasized the importance of making housing accessible to locals rather than being dominated by investment funds. He questioned whether homes should cater primarily to investors or local residents, as reported by the Majorca Daily Bulletin.
The rising interest from foreign buyers in the Balearic Islands and other popular Spanish holiday destinations has led to increased property prices, prompting local protests. Sebastià Sagreras, representing the People's Party of the Balearic Islands, announced that the party would oppose the ban.
Marc Pons, former president of Menorca's council, acknowledged EU regulations might hinder the proposal, suggesting the need for alternative solutions to the housing issue.
Vox spokesperson Manuela Cañadas criticized the proposal as "demagogic," according to the Majorca Daily Bulletin.
According to real estate publication Idealista, the Balearic Islands are Spain's most expensive province for property. The report highlighted 25 municipalities experiencing record resale prices, with Ibiza’s Sant Joan de Labritja at the top. The average price per square meter there is £7,830 (€8,959).
Majorca also saw significant price increases, with Colonia de Sant Pere experiencing a 37.5% rise. Idealista noted the islands' enduring attractiveness to international buyers, offering luxury, a Mediterranean lifestyle, and solid investment potential.
Apesteguia stressed that the current market makes housing unattainable for most local citizens. He stated that the bill aims to ensure homes are primarily for residents, not just investors.
Tourism and investment are crucial to the Balearic economy, but local needs are a growing concern among policymakers. The ongoing debate highlights the challenge of balancing economic development with ensuring affordable housing for residents.
As this proposal reaches parliament, it continues to spark discussions about the future of housing in the Balearic Islands and how best to address both the desires of international investors and the needs of local populations.
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Adapted by ASEAN Now · Source · 20 Feb 2026
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