The Canaries president announces regulation of holiday lets in the Canary Islands

The President of the Canary Islands, Fernando Clavijo, has announced in a press conference that the regional government are going to implement a new strategy regarding holiday rentals.  

The primary objective is to establish regulations to ensure that this activity can work in harmony with affordable residential rental prices, by limiting the number of VV licences and therefore number of official holiday rental properties, stopping ‘illegal’ rentals whether that be due to classification of the property/complex or undeclared income, and making more affordable housing available to residents.

Clavijo stated that the issue of residential housing is closely tied to supply of social housing by the public sector. Consequently, efforts are being made so that the private sector has the capability to construct and facilitate access to the public enterprise Visocan.

Simultaneously, there is a parallel initiative to regulate holiday rental properties. Clavijo emphasized that there is a big demand for this type of accommodation, but it is crucial to regulate it effectively.

Furthermore, work is underway to modify certain aspects of the Economic and Fiscal Regime (REF) to enable the use of the Canary Islands' Investment Reserve (RIC) for the construction of residential rental properties.