Canarian Weekly – Canary Islanders protest against property developers and agents targeting foreign buyers

The Canary Islands have recently witnessed widespread protests against the current tourism model, driven by residents’ struggles to access affordable housing. The discontent has manifested both in the streets and on social media, with many directing their anger at real estate developers and agencies catering primarily to foreign clients.

One prominent target of this backlash has been Getaway Real Estate. The company sparked outrage with a promotional banner advertising a new development of 53 homes in Arguineguín, in the municipality of Mogán, in Gran Canaria, with prices starting from 300,000 euros.

The banner, in both Spanish and English, highlighted financing options up to 70% for non-residents, which many locals perceived as exclusionary and unfair. The advertisement was even vandalised with black spray paint in response.

Social media platforms, particularly X (formerly Twitter), were flooded with complaints. One user, @redbentejuí, voiced the common sentiment: “They advertise their advantages for non-residents because they know a local worker will never be able to afford it.”

The anger was not confined to the internet; Getaway Real Estate received numerous anonymous calls filled with verbal attacks. “We’ve been insulted and told all sorts of things,” claims María Jiménez, the company’s director, who expressed surprise at the intensity of the reaction.

In an interview with the local newspaper La Provincia, Jiménez clarified that the homes were available to everyone and that Spanish buyers could secure financing covering 80% to 100% of the purchase price. “We assumed this was common knowledge,” she stated.

Jiménez added that 42 of the 53 properties had already been sold, with only two purchased by foreigners, one of whom holds dual nationality. “Our customer is anyone who comes and pays, whether with their money or through a bank loan, regardless of nationality,” she concluded.

The controversy highlights a broader issue in the Canary Islands, where the influx of foreign investment and tourism-driven development is perceived to be driving up property prices, making it increasingly difficult for local residents to afford homes.

This tension emphasises the need for a balanced approach that addresses the housing needs of the local population while managing the economic benefits of tourism.