Joan Miralles, president of the Aptur holiday rentals association, says that apartment owners are opting to sell their properties because of the Balearic rentals legislation that doesn't allow apartments to be openly marketed as tourist accommodation.
Miralles adds that the option of long-term rent is one that only few members of the association are adopting. Most are reluctant to do so, he says, because of concerns over, for example, non-payment of rent.
Some owners are waiting on the outcome of the Council of Majorca's zoning. This will determine where it will be possible to apply for holiday rental licences for apartments (and indeed other types of property). But in the case of Palma, where the town hall has responsibility for zoning decisions, it is anticipated that there won't be any licences. For Miralles, this won't solve problems of finding regular accommodation. Owners of apartments, in particular ones in the old centre of the city, will sell them at the highest prices and typically to foreign buyers.