THE real estate industry needs as much help as it can get and the last thing it needs at the moment is a crusade against illegal holiday rentals by the local authorities. Many people purchased a second home on the island because they thought that rental income would help pay the mortgage. What is the point of owning a home on the island if it is just used one month every year? The severe shortage of winter flights also makes a second home even more difficult to manage. Instead of introducing legislation which will allow holiday home owners to easily rent out out their properties legally the local authorities have decided to launch a major crackdown.
This doesn´t really make sence and it is not going to help the housing market at all. Let us remember that the rental market is a major source of revenue for the local economy and attracts tourists to the island who might have gone elsewhere. Now, it is the hoteliers who are behind this latest crackdown as they believe that it is an unfair type of competition. This is not really the point and the two markets are very different. I know for a fact that many holiday home owners want to rent out their homes legally but they do not know the right route to follow. Once again stupid legislation could really endanger an important local part of the tourist industry. It is same with the matriculation which has ruined the local yacht charter business. It is yet another nightmare scenario.