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Be careful on your Majorca holiday! Starting this week, a strict decree will be implemented in the Balearic Islands to combat the housing shortage, writes the Mallorca newspaper. This may also have consequences for Swiss people who want to spend their autumn holidays on the Spanish islands.
If you’re not careful when booking your holiday, Spanish authorities could soon be at your door. With the initiative of the Ministry of Tourism, it is now possible to seal properties used as illegal holiday homes. This is one of many measures that will give local people new access to affordable real estate in an overheated market.
Last year authorities intensified the fight against illegal accommodation. Since then inspectors have been searching the properties and also scanning booking portals. Checks against unfair offers are being strengthened, especially at the beginning of the holiday season. After all, foreign holidaymakers who unknowingly book an illegally advertised offer need not fear prosecution. In the worst-case scenario, they will now face sealed housing.
Housing prices hit the ceiling in the Balearics
So, while leisure travelers need to pay more attention to whether the perfect stay is actually approved, the decree is good news for potential expats: the main aspect of the package of measures is price caps and new building regulations for apartments. The price cap halves the prices of property and rental flats currently prevailing on the open market.
Depending on the municipality, it will soon be possible to buy a 60 square meter apartment for the equivalent of 117,000 to 207,000 francs. Rental prices are also capped at 372 to 774 francs per month. The maximum monthly price for apartments of 80 square meters varies from 156,000 to 275,000 francs, and for rental apartments from 497 to 1,033 francs.
At the same time, prices depend on certain conditions, as speculators must also be stopped. For example, people who already own a home are excluded from this scope. In addition, the new apartment must also be the main residence.
However, those looking for affordable housing in Mallorca will have to temper their expectations a bit: According to the forecasts of Balearic real estate developers, the relief in the housing market will not occur until mid-2025 at the earliest.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
