The pandemic affected the rental market in varied methods. In some cases, landlords had been prepared to cut back rents. Otherwise, costs did not go up and market exercise slowed down. Artieda notes that “the variety of transactions dropped drastically”, however regardless of circumstances the place landlords diminished rents, the final market costs did not come down – “in contrast to what occurred in different elements of Spain”.
As mobility restrictions eased, so costs began to go up once more, and Artieda factors to the truth that Mallorca grew to become extra enticing to foreigners, who had been desirous to work remotely.
At the identical time, properties which had been supposed for long-term rental grew to become short-term; others had been transformed into unlawful vacation lets. Artieda says this development intensified in 2023 due to Spain’s housing regulation, which provides safety to susceptible people who can’t be evicted even when they fail to pay lease.
“Many landlords are afraid that tenants will cease paying lease or that the property can be occupied, and this has led to many properties leaving the rental market; this has resulted in increased costs because of elevated demand and decreased provide.”
He stresses that not all tenants could also be confronted with large will increase. There are landlords who will restrict lease will increase if they’ve tenant, as “they search peace of thoughts and ensures”. “If tenants are good, landlords favor to restrict the rise with a purpose to preserve them.”
