A Survey Recently Found That Over 90 Per Cent Of Majorca' S Domestic Population Were Worried About The Number Of Overseas People Buying Property On The Island

Category: Finance, Real Estate.

Buying a property on the Spanish island of Majorca has been popular for several decades now, with many Europeans who have holidayed on the Spanish island deciding to buy a second home for holidays, or for retirement, a business.

Already many locals are finding it increasingly difficult to get on the property ladder, with prices having risen consistently in recent years, with their best hope being a slow down or even drop in Majorca property prices. But now the Majorca islanders are concerned that future development plans could ruin the island, and if left unchecked the island could become a concrete jungle. A survey recently found that over 90 per cent of Majorca's domestic population were worried about the number of overseas people buying property on the island. One way out is to build more properties, but this is what has sparked many of the protests against further development. 'The problem with building a way out of the housing crises, by constructing dozens of new apartment buildings and villa complexes is that it spoils the whole nature of Majorca, and it's a catch 22 because while locals do want to buy a house, they don' t want it at the expense of the island. ' Official figures for Majorca holidays this year indicate an increase in tourist numbers by between five and seven per cent. One travel guide for Majorca isn' t surprised at the local opinion. 'It's difficult for local people, especially when they are in their twenties and thirties and working with decent salaries, to see villas which are hardly used when they often can' t even get a good size apartment in the areas they want, close to family or work. 'They say, referring to holiday homes that are used a few weeks or even long weekiends a year, and standing empty the rest of the time. 'They see these properties as some of the cause of high prices, and they cannot see where it is going to end, ' they conclude. And it is from the pool of holidaymakers where property sales often happen a few months later, as some visitors like the island so much they decide to look into buying an apartment or villa, with some even retiring to the island, or buying a business. Current prices for property in Majorca include brand new 2 bedroom 2 bathroom apartments in Puerto Pollensa at 285, a country house, 000 Euros with its own pool at 1, 000 Euros, 500, and a three bedroom three bathroom villa with its own pool at 900, 000 Euros.

With the increase in visitor numbers, property demand should in theory be high for 2007 overall.