Mallorca is very diverse and has many faces - so it is often hard to decide right away on any specific property. Many people interested in real estate therefore tend to rent a property for an extended period before buying a villa, finca or apartment in Mallorca. When you start to get to know the sunny island of Mallorca a permanent home here is never far off. The great advantage of a long-term rental is the opportunity to find out whether a life on the island, permanently or only for holiday retreats is right for oneself. In peace and quiet and with a lot of care, you can choose your perfect new home in Mallorca according to location, quality and above all everyday suitability.
Working remotely is having a significant impact on the rental market: as more and more people are now working from home, new and flexible working arrangements are becoming increasingly interesting. Thanks to the high quality of life and outstanding infrastructure, including fast Internet connections, Mallorca also makes the ideal work base.
In particular, the reform of the rental law in the mid-90s and the revision of the law in 2013 makes it easier for owners to rent their property long-term. The Engel & Völkers Mallorca team focuses on long-term rentals of at least 6 months. Recent figures also show high demand on the tenant side - in 2021, Engel & Völkers Mallorca served about 3,200 rental requests (compared to 2020: +91%).
According to Servihabitat, average rental prices in the Balearic Islands are some of the highest in the whole of Spain. This means for investors: Mallorca is and remains an interesting location for rental properties. In various regions of the island the premium segments, depending on size, location, and features are between 2,000 and 18,000 euros (compared to 2020: between 2,000 and 16,000 euros) per month for houses, and between 1,000 and 4,000 euros for apartments.
More than ever, this shows that investors are convinced they can rely, when it comes to properties in Mallorca on the “magic triangle” consisting of security, liquidity, and return on investment. This is also reflected in Engel & Völkers Mallorca’s data: in 2021, contracts for long- and short-term rentals were signed for longer periods than in the prior year, whereby the average rental payments for long-term rental properties have increased significantly. Some clients prefer to rent first, test the island for themselves, observe the market, and then buy. Following all the restrictions that were imposed during the pandemic, many families want to take a break from everyday life by spending some time in the sun and close to the sea in a pleasant environment.
In Palma, the demand for long-term rental properties reached a record level in 2021. Engel & Völkers’ clients, who mainly come from Germany, Austria, France, and Switzerland, are interested in high-quality apartments with a balcony or a terrace. The monthly prices are between approximately 1,400 and 2,900 euros.
Due to the limited offer and exclusive locations, the rental prices in this region are some of the highest on the whole island. Rental properties with first-class views and privacy are particularly popular. The quiet and safe environment, as well as the proximity to the centre of Palma, add to this region’s appeal.Villas and houses in the surrounding area of Palma and Son Vida can be rented for monthly prices of between 7,000 and 18,000 euros at Engel & Völkers. Long-term rental prices for apartments are between 2,500 and 4,000 euros per month.
In the already very popular southwest of the island, Engel & Völkers recorded a substantial increase in long term rentals, particularly in the premium segment. Thanks to its excellent infrastructure, many families with children rent a property to see whether they can fulfil their dream of living in Mallorca the whole year through. The most common rental period is one year. Long-term rental prices for apartments at Engel & Völkers are between 1,700 and 3,500 euros per month, and houses can be rented for between 7,000 and 18,000 euros. Those clients interested in rental properties mainly come from Germany, but also from the Netherlands, Scandinavia, Great Britain, Italy, Spain, France, Poland, Saudi Arabia, and Switzerland. The year-round infrastructure, sophisticated service offering, and comprehensive health care have all contributed to the region’s highly international environment.
In the center of the island, the demand for properties for rent for several months is higher than ever before. Especially in the winter months, there is great interest in escaping the cold at home and enjoying the mild climate in Mallorca. At Engel & Völkers, prices for apartments are stable between 1,500 to 2,500 euros, for houses between 2,000 to 8,000 euros per month. The principal clients are German and Swiss together with a mix of various nationalities for rental periods of several months. Apartments in residential complexes are popular, along with houses with a pool.
In the south, the demand for rental properties for a period of two years or longer is increasing. Tenants are interested in working from home, often they are couples or families with children. The decisive criterion for the location is a stable Internet connection. Houses are offered here at Engel & Völkers for prices between 2,000 and 7,000 euros per month. Apartment prices are between 1,200 and 3,000 euros per month.
In the north of the island, the rising demand for both long- and short-term rentals. Clients from Germany and the UK seem particularly keen to test whether Mallorca is the right fit. At Engel & Völkers, the monthly rent for apartments is stable at between 1,000 and 3,000 euros and is between 3,000 and 7,000 euros for houses. Rental properties are popular with German, British, Spanish, and Swiss clients. Demand is high for villas located close to the beach that have a garden and pool.
You would like to have more information about long term rentals in Mallorca? Please contact us. Engel & Völkers will be happy to advise you. Tel. +34 971 23 85 84
Mo - Fr: 10:00 - 18:00
Missing required field
Invalid format. Expected email.
Invalid format. Expected phone.
I agree to the storage and use of my data according to the privacy statement and agree to the processing of my data within the Engel & Völkers Group to answer my contact request or request for information. I can revoke my consent at any time for the future.