Real estate agencies reject limiting the sale of housing to foreigners in the Canary Islands

The Canary Islands Association of Real Estate Management Companies (ACEGI) has expressed this Monday its "total rejection" of the Canary Islands Government's intention to seek legal ways to limit the purchase of homes by foreigners and to promote the declaration of stressed areas.

In a statement, ACEGI expresses its "concern and disappointment at the recent changes in the position of the Government of the Canary Islands in relation to the implementation of stressed areas in the islands and the regulation of holiday homes and asks the Executive to reconsider its position and resume the commitments it had acquired.

In addition, the association regrets that the vice president of the Government of the Canary Islands, Manuel Domínguez (PP), has not considered the proposals that ACEGI presented to him last January, in a meeting, which they understand as an "unfortunate interest in the needs of the sector."

And he adds that the regional Housing Minister, Pablo Rodríguez (CC), had publicly committed not to implement stressed areas in the Canary Islands, but the recent announcements and decisions of the Government suggest "a radical change in this position, generating uncertainty and damage to our sector."

ACEGI emphasizes that the arrival of foreign capital to the islands is "of vital importance", among other sources, through the acquisition, enjoyment or exploitation of real estate, and denies the negative impact that this entails, contrary to the official position of the Government of the Canary Islands.

It also demands that the administration analyze the figures it handles, arguing that 30% of the homes purchased in the islands correspond to non-residents.

This figure includes all foreigners, both residents and non-residents, as it considers that if the data is correctly segregated, the purchase of non-residents is significantly reduced.

ACEGI also defends holiday homes for playing a "vital role" in the tourist offer of the islands and its regulation must be balanced and consensual, but it is contrary to the draft bill presented by the regional Tourism Minister, Jéssica de León (PP).

This association reminds the Government of the Canary Islands in its statement of the importance of maintaining an open and collaborative dialogue with interested parties before implementing measures that may have a significant impact on the local economy and the real estate market.

Therefore, it urges the Executive to resume the previously announced commitment to work together with the private sector to find fair and sustainable solutions.