By Euro Weekly News Media • 19 January 2016 • 10:33
TOP END: Most new builds are aimed at foreigners or high income residents.
GOOD news for property owners in Mallorca as an upturn is expected in both sales and rentals in 2016.
However, promoters are warning that finding somewhere to live, be it rental or purchase, will worsen for many due to house prices being high on the island and earnings below the average for many.
It seems that new buildings are not being built with this type of buyer or tenant in mind as most of the housing activities in recent months concentrate on foreigners or higher income residents being able to afford the top end properties.
Another problem is the availability of reasonably priced land on which to build. There has been an increase, however, in prices for second-hand and rentals.
Last year there was a significant increase in residential building in 2015, with some €583 million being invested, mainly in the building of chalets for foreigners. There is a lot of interest shown in properties valued at €200,000, but more expensive ones are not within reach of many permanent island residents.
For the younger population in Mallorca, only three in 10 are able to leave their family homes to start their own.
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