Posted by Hans Lenz – (cd) on July, 2015.
Mallorca’s diversity can often make it hard to immediately choose the right property. Often renting a property is the first step towards buying your perfect home in Mallorca. Once you get to know the sunny island with all its different sides and places you are not far away from buying your own villa, finca or apartment on Mallorca. The major advantage for buyers is the opportunity to calmly search for the perfect new home in the right location. Another point is the possibility to find out what daily life is all about on Mallorca and whether you are looking for a permanent or a holiday home.
Meanwhile, for property owners changes to Spanish legislation on rental property has been revised and the current legislation is more practical and means that long term rental leases present a more interesting option for landlords. Today, both the tennant and the owner are able to choose between different contract options over the previous obligatory long term rental extension which now, in many cases, is no longer binding.
The monthly rental income must be paid into a Spanish bank account which will also be used for additional charges and a telephone connection if necessary. Depending on the type of rental contract, the notice period to leave the property, charges and compensation payments may vary. Engel & Völkers Mallorca Southwest focusses on long-term rentals of six months and more.
Our E&V rentals team in Palma is looking forward to advising you on all issues regarding long term rental options on Mallorca. Tel. +34-971 22 23 23.