Natalia Bueno of the API association of real estate agents in the Balearics says that rents are continuing to rise because there is less and less supply, while demand isn't ceasing. Because of this, she says that people are having to move to the mainland in order to find somewhere to live.
Housing law has reduced the number of homes to rent in Mallorca by up to 30%
The law has had the opposite effect to that intended
Also in News
- Spain wants Britons to show they have 113.40 euros, £97, per day for their holidays
- Over two hours for Britons to get through Palma airport queues
- Palma Airport passport control "collapse" put down to unscheduled flights
- Living in a motorhome in Palma: "It'll only get worse"
- Watch those prices in Mallorca
4 comments
To be able to write a comment, you have to be registered and logged in
I bought more property in France rather than Spain because of the risk of letting in Spain. There is legal unceratinty to a ridiculous degree. Even if one wins a civil trial, there is no way to inforce it. That's why people here like to see smirkingly say "just sue me" if there is an issue.
I have a property that due to personal reasons I want to rent for 2 years only. I can't do that due to the new law, so rather than run the risk of not getting my property back when I need it, I have chosen not to rent it. I doubt I'm the only one.
Agree with Charles completely I personally know of many instances where there were people serious people with the financial where with all to make the purchase however due to the situation in Mallorca with regard to renter right´s and people breaking in and not being able to get them out or people not paying the rent and not getting them out for a couple of years !
Natalia Bueno of the API association of real estate agents says that the Spanish government's housing law is having the precise opposite effect to that which had been intended. Quelle surprise! What in God's name was its original intention? Anyone with half a brain sitting around the cabinet table could have seen the real consequences of the planned housing law reform. Give all the rights in law to tenants and of course landlords are going to retreat and retrench from the market. It's not rocket science. This is why socialist governments should never get involved in laws and regulations for commercial markets since they don't have the first clue of how they work or what they need to thrive. Now the law has to be repelled and maybe just maybe some landlords will re-enter the market. But it's a long shot as many will be nervous that another change of mind could hand their tenants all the rights again. Many landlords just won't take the risk. The damage has been done and it will take a very long time to turn this tanker around.