According to latest figures from Spain's National Statistics Institute (INE), there were 441,536 main residences in the Balearics in 2021. Of these, 292,570 were lived in by owners, 66%.
In 2011, the number was 302,519 (70%). Ten years previously, in 2001, the percentage was 74%. Over the ten years from 2011 to 2021, people living in properties they owned decreased, while the number of properties with tenants increased from 92,785 to 103,526.
The decrease can partly be explained by difficulties with affording a home. There was also the financial crisis, prior to which there had been a housing boom and easy access to mortgages. When the bubble burst, the market dried up, people looked to sell and many moved into the rental market.
Housing prices began to recover and so since 2013 there has been a roughly 40% increase. Meanwhile, salaries haven't keep anything like pace. Buying a home has increasingly become a pipe dream.
One of the Balearic government plans for addressing the current housing situation is one by which it will act as a form of rental agency to ensure that owners who have empty homes, some 100,000 in the Balearics according to latest figures, put them on the market. The housing ministry will be explaining details of this plan shortly. Essentially it will involve renting empty properties at market prices and then subletting at a lower price, which could be up to 30% less.
It might be noted that while the INE refers to 441,000 main residences, the total number of dwellings in the Balearics has been put at around 630,000.