But there is a significant shortage of long-term rentals in Palma and the prices are so extortionate that it's forcing seasonal workers to think twice about coming to Mallorca.
At an average price tag of up to 350 euros a night, hosts can rake in more than 10,000 euros a month through Airbnb rentals if they’re fully booked, so it’s little wonder they’d rather rent to tourists than offer their property for long term rental tenants.
“Despite the spectacular increase in supply in recent weeks, tourist rentals in multi-family buildings are banned in Palma and getting a new tourist rental licence is impossible,” warns Habitatge General Director, Josep Maria Rigo.
"In Palma we were very quick to set some rules and tourist rentals in multi-family buildings were prohibited," added Urbanisme Manager, Joan Riera, who pointed out that Barcelona took longer to impose restrictions and is now experiencing an affordable accommodation crisis.
The new General Plan will be even stricter on tourist rentals.
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Yes, long term rentals are very risky. I wouldn't do it unless I knew the tenant very well. Even then... Probably not.
Even if people can't let via Airbnb, they will not let it to Spanish workers on the island unless Spain change the rules to for sure get people out after the rental agreement has ended. That's not the case now, so it means plenty of properties will be empty when the owners are not present