The end of the summer season has led to a large number of businesses putting up the For Sale or For Lease sign in Magalluf. Property portal Idealista has 60 commercial properties for sale in the Magalluf area. A rough valuation of the businesses gives a combined total of more than 30 million euros. There must also be a large number for sale or lease which haven't been listed.

It is quite normal that at the end of the season many business owners decide to sell their properties, but the sheer number has taken some people by surprise, especially as it has been a good season in Magalluf and in Calvia as a whole.

Tourism figures for the season report a drop in the number of tourists but those who did come spent more money, which makes the For Sale bonanza even more striking.

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Local businesses have long complained that it is exceptionally difficult to make money in the resorts because of high taxes, and this year you have to take the cost-of-living crisis into account. In Palma it has been reported that the operating costs of local restaurants have risen by 30 percent because of inflation and the cost of living. Local hotels chains led by the Melia Group have invested large sums of money in Magalluf over recent years. Work will start this winter on a new promenade, according to the Calvia council.

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