Calvia, where rented accommodation is reckoned to be the most expensive in Majorca. | Archive

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The Mitula Group is a digital classifieds business which is based in Madrid. According to a report it has produced, the highest level of demand for rented accommodation in Spain is in the Balearics. The report adds that in the first quarter of this year the average price that tenants were willing to pay was 1,563 euros per month, a finding which backs up what the Balearics real estate agents association has been saying about the lack of affordable rental properties.

The greatest pressure in this regard is in Palma. Where "to rent" signs used to once be common in most of the city's districts, this is no longer the case. If a property comes onto the rentals market, it can go very quickly. Another report, one presented in April by the property website Idealista, showed that 20% of all rentals were taken within 48 hours.

In coastal resort municipalities, the demand for rented accommodation is especially high in the summer months, and the Mitula report points to the particular role played by foreign demand in driving up prices. The findings appear to be quite different to official figures, i.e. the average prices are higher. The average in the Balearics is put at 1,522 euros per month. Only Barcelona (1,603) and Madrid (1.549) exceed this.

It does, however, need to be pointed out that a survey such as this is influenced by the nature of the business. Consequently, it would seem that in the Balearics there has been an emphasis on data for Ibiza and Calvia. In yet another report, also by a web-based business, Fotocasa, the conclusion is that the Balearics have the third highest rental prices (an average of 10.59 euros per square metre) behind Catalonia and Madrid (respectively, 12.47 and 12.45). This report also highlights the case of Calvia, where the average of 15.20 euros is the second highest in the country after Barcelona.