Canary Islands Government Supports Measures to Limit Some Foreign Property Purchases
The Canary Islands Government has voiced its support for introducing measures that could limit certain property purchases by non-residents, as concerns continue to grow over housing affordability across the archipelago. The proposal is aimed at reducing speculative investment while helping more local residents access homes.
The discussion comes as housing remains one of the biggest issues facing the Canary Islands, including Lanzarote, where rising property prices and limited housing supply have made it increasingly difficult for many residents to buy or rent a home.
What Is Being Proposed?
It’s important to note that no new law has been introduced, and foreign nationals can still legally buy property in the Canary Islands.
Instead, the regional government is supporting changes that would allow authorities to make property purchases more expensive or more restricted for non-residents buying homes purely for investment or speculative purposes, rather than as their main residence. Any significant changes would require approval at both Spanish and European Union level.
The proposal is focused on balancing the housing market without preventing people from relocating to or settling in the Canary Islands.
Why Is This Being Discussed?
Regional officials say the housing market is under increasing pressure.
According to figures highlighted by the Canary Islands Government:
- Around 35% of homes sold in the Canary Islands last year were purchased by foreign buyers.
- Approximately 90,000 properties have been bought by overseas purchasers over the past decade.
Officials believe these figures demonstrate the need to examine new ways of protecting housing availability for people who live and work in the islands.
What Does This Mean for Lanzarote?
For Lanzarote, the issue is particularly relevant.
The island continues to attract strong international demand thanks to its year-round climate, beautiful coastline and excellent quality of life. While overseas investment has brought economic benefits, many local residents have expressed concerns about rising property prices and the availability of affordable housing.
The debate is expected to continue over the coming months as regional and national governments explore what legal options may be available.
Should Buyers Be Concerned?
At present, there are no immediate changes affecting property purchases.
Anyone currently looking to buy a home in Lanzarote—whether as a resident, holiday homeowner or investor—can continue to do so under the existing legal framework.
If future measures are approved, they are expected to focus primarily on non-resident speculative purchases, rather than people moving to the islands permanently. However, the final details would depend on any legislation agreed by Spain and the European Union.
Looking Ahead
Housing is likely to remain one of the biggest political topics in the Canary Islands throughout 2026. Alongside discussions about holiday rentals, affordable housing and sustainable tourism, proposals affecting property ownership are expected to remain firmly on the agenda.
For both residents and prospective buyers, it’s worth remembering that this is currently a policy proposal rather than a change in the law, and any reforms would take time to progress through the necessary legal and European approval processes.
