The Balearics have never had it so good is the general view of leading economists on the island. The local economy is booming, they say, and now is the time to invest. Everything appears to be rosy on the islands, with people literally queuing to buy homes here and the tourist industry going from strength to strength. The Balearics are on a wave and economic growth is outpacing the rest of the country. Even unemployment, which has always been a problem on the island, is under control.

I must admit there are plenty of signs that the local economy is doing well. Unfortunately, there is a downside. The island has become so popular that places like Palma are becoming exceptionally expensive for the resident population. Not all are enjoying the record economy. Wages are still low and this was one of the reasons that Palma city council outlawed apartment holiday rentals in the city. There was not enough affordable housing for the resident population.

So, while the economic view is exceptionally good, I would say that there are still problems that need resolving. The president of the Balearic government Francina Armengol said that she was pleased that the local economy was performing so well but called on the local business community to share their good fortune with their staff with higher wages. As the economists say - enjoy the good times and hope that they will last for many years to come.


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Fred / Hace about 1 year

As in most cities, we commute into work. Why does Palma believe that they should all live in the centre !!!! Commuting is a word Londoners know very well - yes I would love to live in zone 1 in London, but I cannot afford it so I live in zone 2 and use my legs, the bus, tubes & trains


Ron / Hace about 1 year

There is plenty of ground for the council to build affordable housing. Just have a look at the degredation and crumbling buildings and shuttered shops in C/. Aragon for example. This is like a third world city. What a disgraceful welcoming sight for visitors coming into Palma from the north on the bus.! (I was one of them today). I won't call them tourists for fear that I will be taken for one and given the 'go home' treatment. Although I suppose soon the government's definition of a tourist will have to be carefully explained to us all!


S. / Hace about 1 year

Confusion is apparent from the following quote "Wages are still low and this was one of the reasons that Palma city council outlawed apartment holiday rentals in the city. There was not enough affordable housing for the resident population" So, more apartments become available for long term residential renting. BUT - if the wages remain low, and the cost of living in Palma remains high, and becoming higher. What will be the City Council's actions, to resolve this increasing dilemma?. . .


Bob / Hace about 1 year

Ofcause spain have a good economi, spain Is also a beautyfull and exotic place to be, and we are many that Will come and support with our savings.))

I just wonder why there isn't more jobs there, with all Those tourists.

Mallorca, see you again in june.))