Twenty housing developments in Palma and nothing under 518,000 euros (for a one-bedroom apartment)
Limited-price projects will take some time
There are some twenty housing developments in Palma at present for which the lowest price is €518,500 for a 72-square metre one-bedroom apartment. The most expensive properties are €2.1 million - three bedrooms and 260 square metres - and three million for a penthouse with 290 square metres. Other one-bedroom apartments are on the market for €675,000.
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I wonder what the true cost of construction of a 72-square metre one-bedroom apartment is and how much of the €518,500 is profit for the developers? Regarding high cost, alongside land, there are few builder-developers willing to take the risk. Banks could be made to support development but they'd only lend to big developers who in turn demand more profit, which doesn't help the situation. Private-public partnerships are often corrupted by greed (by both parties) for higher yields/ROI. It is now the case that if you don't already own property, or are not expected to inherit property, you will never own your home.
Well they can't be rented out for tourism, and a 14 year maximum return on investment dictates that the lowest monthly rent would need to be €3,000 to beat inflation, and in a country where the average wage is €2,300 that's 20 years salary to buy, so they will all have to end up a holiday homes or investor speculation.
The wages for hospitality workers will have to increase dramatically to afford that.
OBSCENE !!!