Balearic rents up 45% as funds hold 20,000 homes

Balearic rents have climbed 45% between 2023 and 2025: the Socialist Party of the Balearic Islands (PSIB) wants tougher action on investment funds it says hold around 20,000 homes across the islands. On Thursday, 1 October, socialist MP Carles Bona said that was ten times the public housing stock. The party backs two Spanish government housing decrees facing a vote in Congress on Friday, but says more measures are needed.

The rent figures come from deposits lodged with the Balearic Housing Institute. They show the average rent rising from 959 euros in 2023 to 1,390 euros in 2025, according to the PSIB. Bona warned that some people could no longer afford the increases and faced leaving the island or losing their homes.

On Tuesday, the PSIB plans to put a bill before the Balearic parliament that would let councils declare their areas to be under housing pressure, giving them a way to curb rents. Bona criticised the regional government led by Marga Prohens for not using that option under Spain’s housing law. He argued that declaring the Balearics such an area could have prevented many evictions.

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Source: Europa Press / Mallorca.com