Holiday rental and how to make a second residence in Menorca profitable

Menorca is a clearly rising tourist destination throughout the European market in recent years and many of the people who visit us are considering buying a home on the island. Its main attractions are its authentic, much protected nature, its peace and its quiet way of life.

At the same time the holiday rental market has expanded in such a way that it can mark a before and after in the tourist arena. In Menorca the trend of tourists who visit us is changing, more often families prefer to stay in a home rather than a hotel during their holidays, since they find it more comfortable and private. The holiday rental of private homes, where one can feel almost as if we were at home, has been a great discovery for tourists and also for the owners who take a profit with this activity.

Given this new way of travel and the increase in demand in Menorca, many owners have encouraged to rent out their homes for the summer season.

Although there are restrictions from the local government when granting licenses for tourist rental in Menorca, it is allowed in most of the coastal urbanizations of the island and is a simple and very profitable way to gain an income on your property.

For many owners it is the way to make their second residence profitable. It is necessary to meet the requirements set by the regulations of each autonomous community so that the rental does not generate legal and tax problems.

14% of tourists in Spain stayed in holiday homes last year, according to the Study of the social and economic impact of tourist homes made by Esade in collaboration with the Spanish Federation of Tourist Housing and Apartment Associations (Fevitur).

In our offices of Engel & Völkers Menorca in Mahón and Ciutadella we can help and advise you in the search for properties that can legally be the object of tourist rental and our rental department will assist you in this activity as soon as you find and buy the desired house in Menorca.