THE local property market is struggling hit by the recession and world-wide slowdown. One of the easiest ways to spur growth in this market would be for the local authorities to make it easy and legal for would-be home owners to rent out their holiday apartments and help pay the mortgage. What is the point of owning an apartment on the island if you are only going to use it for a month a year? For other key months, when it would be a very viable proposition, it would have to remain empty if the local authorities and hoteliers are to be believed. With tumbling real estate values at the moment, buying a home is not always the best investment. But if you were assured a rental revenue then you just might put your savings into a holiday home. Unfortunately, the local authorities seem to believe that tourist equals hotel. If the local ministry for tourism wants to revive tourism and help the real estate industry it should aim to resolve the issue of so-called illegal holiday apartments.
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