Mallorca homes: Palma buyers need 50% of their pay
Mallorca’s capital, Palma, in the Balearic Islands, demands 50% of a buyer’s salary to buy a home. Property platform Idealista released the figure on Thursday, 29 October. Across the Balearics, buying takes 49% of a salary — the highest share in any Spanish province and nearly 20 percentage points above the national average.
Palma also tops the ranking of Spain’s provincial capitals for buyers. Rent takes a heavy share of pay, too: 46% across the Balearics, compared with 39% nationally. Only Málaga, at 59%, ranks higher among provinces for tenants.
In Palma, rent takes 44% of a salary, the highest share among provincial capitals. Idealista says a shortage of available homes is pushing up prices and keeping the burden high for buyers and renters alike.
Source: Europa Press / Mallorca.com