Holiday rental property in Mallorca

Holiday rental properties are being offered to the residential market.

Majorca Daily Bulletin reporterPalma08/02/2021 12:53
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According to property website pisos.com, the price of rented accommodation in the Balearics fell by 1.8% in January compared with the same month in 2020. Despite this, only Madrid had a higher average price to rent than the Balearics. The average in the Balearics was 1,331 euros per month. In Madrid it was 1,606 euros and in Catalonia 1,267 euros.

The lowest rents were in Extremadura (458 euros), Castile-La Mancha (538) and Galicia (587). The largest decreases in January rent prices were in the Canaries (down 10.15%) and Madrid (-9.5%). The highest increase, in percentage terms, was in Navarre (6.16%). The website says that the average size of rented accommodation in January was 107 square metres and that the average monthly rent was 975 euros. This was 0.5% lower than in December.

Compared with December, Navarre also had the highest percentage increase, 1.92%, while the Balearics had the greatest decrease (down 2.81%).

Among provincial capitals, Madrid had the highest rent in January - 1,736 euros per month - followed by Barcelona (1,672) and San Sebastián (1,263).

The director of studies at pisos.com, Ferran Font, says that there is a downward trend in rental price. This was already the case at the start of last year. The health crisis has accentuated it. Another factor is the lack of tourism. Accommodation is being offered to the residential market rather than as holiday rental, and this has helped to deflate prices, especially in major cities and resort areas.