Is corsica looking to ban foreign property buyers?

Photo: Terence Jones

The speculation arrives following comments from a leading Corsican politician, who said that he would like to ban international buyers from snapping up the island’s real estate.

Speaking to regional paper Corse Matin, the head of the country’s Executive Council, Paul Giacobbi, said that he plans to stop foreigners from buying land or houses as the rampant investment was driving up prices, making houses out of reach of ordinary islanders.

Indeed, a similar scenario has unfolded in the UK, where overseas investment in London has aided a property boom, driving up real estate prices in the capital far ahead of the rest of the UK.

“If one can buy land here as easily as you could buy a bar of chocolate in a supermarket, then we are heading for catastrophe,” Giacobbi said. “The only solution is to limit access for non-residents.”

He proposed that anyone wanting to buy Corsican property would have to live on the island for a minimum of five years or prove a link to Corsica.

Others disagree, reports France 24, with Marie-Dominique Roustan-Lanfranchi of anti-nationalist association France-Corse commenting to Le Figaro: “Property prices are rising everywhere, in regions such as the south of France and in Paris. People have to stop thinking that Corsica is alone. Why are we always treated differently compared to other French regions?”