Izquierda Unida Canaria, in coalition with Sumar, has launched a proposal within the framework of the campaign for the European elections to address the growing concern about housing accessibility in the Canary Islands, proposing a debate in the European Parliament to assess the feasibility of limiting the purchase of homes by foreigners. This initiative arises in response to the difficulties faced by the people of the Canary Islands in accessing housing due to the increase in prices driven by foreign demand.
Manu Pineda, candidate of Izquierda Unida on the Sumar list for the European elections, and Luisa Tamayo, National Coordinator of IUC, have stressed the urgent need to discuss and explore legislative solutions that allow island and outermost regions such as the Canary Islands to protect their local communities from the negative impacts of the globalized real estate market.
"The situation in the Canary Islands is critical; housing prices have skyrocketed, putting ownership out of reach for many Canarians. This is not only an economic problem, but also a social and cultural one," said Pineda. "Our proposal seeks to open a dialogue in Brussels to consider regional exceptions within the European legal framework, similar to what has been allowed in Malta before its entry into the EU."
The problem in the Canary Islands is not unique, as other coastal and tourist regions of Europe share similar challenges, but the islands face double punishment, assuming that an essential asset such as housing is not only beyond the reach of the local community, but in many cases goes into foreign hands in order to continue promoting speculation.
Luisa Tamayo highlighted the importance of this initiative: "It is vital that we protect the right to housing for Canarians and ensure that future generations can access it. Real estate speculation, fueled by foreign buyers, is distorting our market and expelling local residents from various areas of the islands. We need to find a balance between being a welcoming region and preserving our resources for those who call the Canary Islands home."
Although current EU legislation establishes a free common market, there are precedents for restrictions in exceptional cases that protect critical national interests. "We are investigating all legal options and working to ensure that the European Union recognizes the uniqueness of the Canary Islands as an outermost region with unique challenges," added Tamayo.
"This is a vital moment for housing policy in the Canary Islands and Europe. With the support of the European Parliament, we can develop a framework that respects the particularities of regions such as the Canary Islands, while adhering to the principles of free market and mobility that define the EU," concluded Pineda.
