The Mallorca property market has seen sales fall in recent months for a variety of reasons but buying a home on the island is still a good investment with home prices rising by 50 percent over the last decade. Here are my tips on how the property market in Mallorca could really boom.
1. Scrap the 90 day rule for British and other non-European Union citizens. It is a nightmare situation that holiday home owners (non-resident) from outside the European Union can only spend 180 days enjoying their Mallorca home. It is especially hard for Britons because the majority bought their home before Brexit when they were not governed by this law. Many Britons are thinking of selling their homes because they have become an expensive luxury which they can only enjoy six months of the year.
2. Make it easier for home owners to rent out their properties. The rental laws in the Balearics are very strict and apartment owners are not able to rent out their properties for short periods so this rules out holiday lets. If the laws were relaxed and providing the home owners pay tax on their earnings and have the necessary paperwork and quality standards I believe that they should be able to rent out their properties to holidaymakers. It would make owning a home on the island and even more attractive proposition.
3. Cut red tape especially for British buyers. Since Brexit, would-be British property buyers have been hit by yet more red tape when buying a property. In some cases they have to seek permission from the military to buy a home.