Estate agents sound the alarm Real estate market in Mallorca "completely out of control"
"Situation is completely out of control": in an open letter to the Spanish Prime Minister, real estate agents on Mallorca sound the alarm - and demand a "right to adequate housing".
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- The two largest real estate agents' associations in the Balearic Islands have made a dramatic appeal to the Spanish government due to the tense housing situation, particularly in Mallorca.
- In the open letter, the estate agents demand a "right to adequate housing".
- Due to competition from tourism and foreign property buyers, housing for locals is scarce and expensive.
Properties on the Balearic Islands, especially Mallorca, are in high demand. Local islanders are in direct competition with tourists and wealthy foreign buyers. The situation has become increasingly acute in recent years, and protests have already taken place.
The two largest real estate agents' associations on the Balearic Islands, ABINI and API, have now made a dramatic appeal to the Spanish Prime Minister Pedro Sánchez, as reported by the "Mallorca Zeitung".
In an open letter, they demand a "right to adequate housing". Housing on the Balearic Islands has become an unaffordable commodity. The situation is now "completely out of control", according to the letter. For many people, adequate housing has become an "unattainable luxury".
"Unaffordable housing market"
The Balearic Islands are a "hospitable region", the estate agents write. "But while so many come here with the hope of settling on our islands, many Mallorcan families are suffering from the reality of an unaffordable and inadequate housing market."
The main reasons for this situation are well known. In addition to the influx of workers in the tourism industry, locals are also competing with vacation rentals from wealthy property buyers from abroad.
A solution is needed
In the letter, Sanchez's estate agents call for "a major government housing agreement", as previous solutions have not been successful. Among other things, a consensus is needed between central and regional government and local authorities to tackle the housing crisis on the Balearic Islands.
If no solution is found to the problems, Mallorca, Menorca, Ibiza and Formentera will be condemned to "displacing their own citizens because they cannot find a home".
As the "Mallorca Zeitung" writes, both the conservative government of the Balearic Islands and the estate agents united in ABINI have always rejected more decisive state intervention in the real estate market in recent years.
