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Long term rentals in Mallorca
Many people interested in property make a conscious decision to rent first before purchasing their dream property. The advantage is obvious – the property can be calmly and carefully selected according to location, quality and, above all, suitability for daily life. Or maybe a specific time period needs to be bridged until one’s own home is finished.
In comparison with the Northern European rental markets the Majorcan market seems less transparent and the price quality ratio is often totally out of all proportion to each other. Square metre prices can only be reliably determined in the capital city of Palma, in other areas – primarily the South West – points such as location, sea view and luxurious furnishing features are crucial factors in the cost of rent. Here too the price level is determined by supply and demand and not infrequently fancy prices are paid for so-called top locations. This has unfortunately caused the market to be flooded with qualitatively questionable properties at exorbitant prices. Here it now imperative to undertake the time-consuming process of separating the wheat from the chaff – a task that a professional agency assumes for your customers.
The Spanish rental law LAU – an insight
Not until the Spanish rental law amended in November 1994 (Ley de Arrendamiento Urbano – LAU) was a development on the Spanish rental market possible. A rental prior to that date frequently equated to a dispossession of the owner. Many Spaniards are thus still sceptical of a rental of their property, which is why many properties are empty, particularly on the Spanish mainland.
For those who have adopted Majorca as their home, it is important to know that the Spanish rental law demonstrates a few considerable differences to the Northern European rental laws. The following provides a brief overview:
