Locals in Majorca are reportedly “forced out of their homes” as the popular holiday destination witnessed a surge in the number of tourists moving in.
Majorca offers a perfect blend of natural beauty, cultural heritage, and recreational activities, making it a popular destination for travellers seeking sun, sea, and relaxation in the Mediterranean.
However, its popularity is taking a toll on the locals.
CEO of a Majorcan company, Ignacio Fiol of AB Capital shares how the prices of the properties have gone up substantially.
According to the expert, earlier residents could afford to buy a second home on the island as the prices were comparatively low.
But the times have changed now.
Mr Fiol told Majorca Daily Bulletin: “There are Majorcans who aspire to have a second home elsewhere. What they could have had here (in Majorca) thirty years ago.
“They have given up on having a second residence in Majorca because of the prices and displacement by ‘foreign capital’”.
He added: “In Colonia Sant Jordi they are asking 300,000 euros for a 50-square metre apartment. I don’t understand it; it can’t be worth that.”
And the elsewhere he has in mind is Cantabria in the north of Spain.
He said: “In Cantabria we are going to develop a project between Langre and Loredo in the municipality of Ribamontán al Mar. There we will build 24 houses that will preserve the character of the environment.”
While there may be an emphasis on second homes, the developments don’t of course preclude the properties becoming main residences, Mr Fiol adding: “What is quality of life in the north of Spain is considered a luxury in Majorca, only accessible to those who have inherited it or who can afford it.
“There is no overcrowding on the beaches and you don’t have to reserve a table in a restaurant a week in advance.”
Mr Fiol insists that there won’t be overcrowding. “We don’t want to repeat the model of Ibiza and Mallorca.”
He feels that Majorca has reached its ceiling, given the sheer number of tourists and foreign buyers.
“There’s an appreciation of having a house with a meadow and sea views and not having to fight with investors from northern Europe.”