I was amazed and slightly concerned to read the report in yesterday's Bulletin which suggested that on average young people will have to be in employment for at least 15 years before they can get on the property ladder. This is the highest level in the country, with the national average standing at seven years.
The Balearic government, who have been singing their own praises for the last couple of weeks, should take note and look at the possibility of building more cheap housing for first-time buyers. Majorca is a paradise island and obviously a large number of people want to live here from across the globe and this is why property prices remain so high. But if you have to work around the clock for a third of your working life just to be in a position to buy a home, then there is a problem which only the government or the local councils can resolve.
Yes, the new socialist government of Pedro Sanchez in Madrid has increased the minimum wage and is also providing more help for low-income families, but housing is a key issue. The Palma city council has recently banned apartment holiday lets in the city so that there is more housing available to rent for the resident population. But is this really the way forward? Surely some of the millions of euros which come from tourism every year could be used to help young people get on the property ladder. This is a major social issue which needs to be resolved sooner rather than later.