Property for rent floods the market

PALMA
FOR those looking to rent a flat in the Balearics, now is the time - the economic crisis has left home owners in the region unable to sell their property resulting in 25 percent more apartments to be let out flooding the market..

Balearic Estate Agency Association (API) president, Josep Oliver, said yesterday that in 80 percent of cases, the owners of property up for rent are private individuals and only 20 percent consists of speculators who have built or bought homes specifically for hiring out to the public.

In terms of the profile of a typical tenant, the API - which represents some 300 agencies in the Balearics - said that the majority of applicants are people who come from outside the Islands, are on average around 35-years-old and who have come to the region to work.