An increasing number of people are said to be turning to co-ownership of a property as a solution to the problem of accessing housing in Mallorca and the Balearics. While the renting of rooms is more common, the sale of properties on a co-ownership basis is now also seen as a response to high property prices.
The buyer purchases a room and an equal share in common areas. These may vary but are typically a kitchen, a bathroom and a living room. Sales are notarised and registered, the president of the College of Estate Agents, José Miguel Artieda, stressing that transactions are carried out in a regulated manner. He accepts that this can be a solution, "but it would be desirable for people to be able to own their own home".
There are some companies operating in this market. They connect people interested in buying a room and then proceed with the purchase process. A potential downside of this approach is that the buyers don't know each other.
As to prices, these would naturally depend on location and on the property, Artieda suggesting that €180,000 per room (plus the common areas) would not be untypical.