WILLEMSTAD – Consumer Foundation is calling on the Curaçao government to investigate whether home purchases by non-residents are contributing to rising property prices and making it increasingly difficult for local residents to buy homes.
The consumer foundation raised its concerns about the housing market in a September 1 letter to the Curaçao Parliament. According to the organization, it is receiving an increasing number of complaints about housing availability, affordability and conditions on the residential market.
Young people, first-time buyers, families, older residents and single-person households are among those experiencing difficulties finding suitable and affordable housing, the foundation said.
Fundashon pa Konsumidó says both purchase prices and rents have risen sharply in recent years. It wants a separate investigation to determine the impact of residential property purchases by people who do not live in Curaçao.
The organization acknowledges that foreign investment can make a positive contribution to Curaçao’s economy. However, it believes the government should determine whether large-scale purchases by non-residents are pushing up prices and reducing the supply of homes accessible to local buyers.
Rather than proposing a general ban on foreign buyers, Fundashon pa Konsumidó wants the government to examine whether conditions or restrictions could legally be imposed on the purchase of certain categories of residential property by non-residents, while respecting Curaçao’s international obligations.
The foundation also wants closer scrutiny of housing projects developed with government support or financing involving local pension funds. It says it has received indications that some of these homes are subsequently resold or offered for rent at relatively high prices.
Fundashon pa Konsumidó wants authorities to determine whether such practices are consistent with the original purpose and conditions of publicly supported housing projects.
It also proposes examining whether homes specifically developed as affordable housing could be protected for a certain period against rapid resale and speculative price increases.
The foundation is calling for greater transparency regarding the conditions attached to housing projects developed with public resources or funds from local pension institutions, as well as stronger oversight of what ultimately happens to those properties.
According to the organization, housing affordability has become a broader economic and social problem. When housing costs rise faster than household incomes, the financial pressure on families also increases.
Fundashon pa Konsumidó therefore wants housing affordability placed high on Curaçao’s political agenda, with government, Parliament, civil society and people seeking housing involved in developing solutions.