As Fuerteventura continues to attract investors, the need for sustainable housing solutions has come to the forefront of discussions.
The Government of the Canary Islands has reiterated its call to European institutions for exceptional measures to restrict housing purchases by non-residents in regions facing significant demographic and tourist pressures, including the Canary archipelago.
This proposal was presented by Octavio Caraballo, the Deputy Adviser of the President’s Cabinet, during a meeting with Matthew Baldwin at the 13th World Urban Forum in Baku, Azerbaijan. Caraballo emphasized that the current real estate climate necessitates exceptional initiatives to tackle the growing challenges of housing accessibility in the archipelago’s most impacted areas.
He noted that escalating rental costs and residential market pressures are closely connected to the burgeoning vacation rental sector and heightened demand for real estate among non-residents.
While Baldwin pointed out that restricting non-residents from purchasing property might conflict with core European Union principles, including the freedom of movement for people and capital, Caraballo urged the exploration of tailored alternatives suitable for island territories like the Canary Islands.
The participation of the Canary Islands at the World Urban Forum also encompassed discussions on urban development challenges unique to island territories under high demographic and tourist stress.
Adriana Regidor, responsible for the Government of the Canary Islands’ Responsible Islands Strategy, participated in meetings focused on climate resilience and blue innovation. She highlighted the ongoing development of a comprehensive climate resilience strategy that addresses various factors, including water security, energy transition, the blue economy, innovation in business, and adapting to climate change.
During their visit to Baku, the Canarian delegation also proposed an Inter-island Network to UN-Habitat, aimed at facilitating the exchange of experiences and best practices on housing, territorial planning, and sustainability among island regions.
Image credit: www.lavozdefuerteventura.com
Source: www.lavozdefuerteventura.com.
Curated by Fuerteventura Times Real Estate Desk.
