Palma, Mallorca. | Teresa Ayuga

It's no secret that it costs an absolute fortune to rent a property in the Balearics, especially in Palma, but that could be about to change.

On Tuesday, the Balearic parliament approved a proposal to ask the Spanish government to modify the Law of Urban Leases (tenancy act) in order to regulate rental prices.

“This proposal demonstrates that Més continue to prioritise guaranteeing the right to housing,” said Patrícia Font of Més in Minorca during Tuesday’s plenary session.

There were 29 votes in favour of the bill from the government parties - PSOE, Més Mallorca and Podemos - plus Més in Minorca and Gent per Formentera, with 26 against from Vox, Ciudadanos, El Pi and the Partido Popular.

Font explained that the proposal has a single article that modifies point 17 of Law 29/1994 on urban leases to enable regional governments to establish regimes of containment or moderation of rental income.