Renting in Mallorca - the difference between the local and foreign rental market
Private vacation rentals have driven up prices for long-term rentals in Mallorca in recent years.
The market nevertheless continues to differentiate between local and foreign living standards.
You are not at home where you live, but where you are understood.
What Christian Morgenstern so aptly described takes on a whole new dimension in the adopted home of Mallorca. The fact that the problem of understanding on the Balearic Islands is not only due to the foreign language surprises newcomers time and again. They are also surprised, for example, by the differences in living culture. Because what is commonplace at home has a different significance on Mallorca.
While in Germany a large proportion of the population (55 percent) live in rented accommodation, this is the exception in Spain with just over 20 percent. Mallorcans inherit property or finance their own home. For a long time, those who could do neither were considered untrustworthy. However, due to the rapidly rising prices of properties for sale and the reluctance of banks to grant new loans, renting is increasingly establishing itself as an alternative to buying, and not just for foreigners.Renovated and modernized or typical for the country and furnished
To get a better overview of the rental market on Germany's favorite island, it is worth taking a look at the different options available to owners. In addition to lucrative vacation rentals, which have recently become more strictly regulated, there are also rental properties to German or Spanish standards. The differences in location, comfort and price are correspondingly large. Those familiar with the market are often the first to ask about central heating - a feature that Mallorcan apartments rarely have. As a rule, these properties are offered furnished, whereby the furnishings usually consist of a colorful hodgepodge of old-fashioned heirlooms. If the furnishings are described as „nuevo“, i.e. new, it is good to know that in Mallorca this may well refer to a period of several years. Insulating glazing, impact sound insulation or door seals are also not exactly common. Those who value a chic fitted kitchen, indirect lighting or parquet flooring will also rarely find what they are looking for on the domestic market.
Northern European comfort understandably plays a lesser role for the sun-loving Spaniards, who spend a lot of time outside their four walls. If living comfort is at the top of the wish list, then either new builds or an agency can be commissioned to find a suitable rental property. You have to be prepared to dig deeper into your pockets for this: you pay around twice as much for a modern apartment that meets German standards.
Location, location, location
The estate agent's favorite saying does not only apply to the purchase market. In sought-after areas of Palma and the surrounding area, rental prices are significantly higher than in the outskirts or the center of the island. The same applies to apartments with a pool, balcony and sea view. Lovers of upmarket living can certainly pay more for a chalet in Bendinat or a finca near Santanyí than for a penthouse in Düsseldorf.
Even if the situation has become somewhat more relaxed since the recent tightening of regulations for vacation homes, comparatively few modern rental properties are available for long-term rental. Landlords of attractive properties can therefore demand hefty rents of up to 18 euros per square meter. Tenants who are flexible in terms of location and amenities can live much more cheaply: rents in Inca or Sineu are up to 25% below the average level in Palma's old town. There is no official rent index, nor is there a cap. The rent index compiled by Steffen Döhne, owner of Mallorca Mietbörse, provides a good overview of the development of rents in recent years.
Beware of „Schnäppchen“!
As in large German cities, the increased demand for rental apartments in Palma is attracting more and more operators and farmers. Anyone currently looking for an apartment in Palma or elsewhere on Mallorca should be careful not to fall victim to an online scam that is new to the island to date.
Tenants are lured to the relevant real estate portals with apparent bargain prices for apartments. If you respond to the advertisement by email, you usually hear the same story: The advertiser and homeowner is abroad for private or professional reasons, but offers to arrange the viewing appointment via an agent of the well-known online rental agency Airbnb. However, this requires the transfer of at least two months' rent as a deposit. If you don't like the apartment after viewing it, you will of course get your money back.
In Germany, this scam is known as „prepayment fraud with Airbnb“. The portal itself advises all users never to pay in advance for viewing appointments.
The police are aware of the scam with the fake apartment ads - but the investigators can hardly do anything about it. This is because the anonymous perpetrators almost always remain unreachable abroad. So far, no one has been caught and not even the exact number of victims is known.
If you want to be on the safe side, you should always contact an agency when looking for accommodation. Numerous estate agents on the island also offer rental deals. Advantage: As a tenant, you don't have to worry about the process. The monthly rent is often collected directly by the agency or estate agent. Disadvantage: Agencies sometimes charge brokerage fees of two months' rent or more for brokering rental apartments.
