>> Local Spanish paper makes mention of July 2019 property sales slump in ‘foreigners favourites’ the
>> Balearics, with sales down 22% over the previous July. This follows the introduction of strict
>> new rental laws for owners to rent to tourists.
Friends have been going every summer to Menorca for years, last two years they have been unable to book their usual place. There's been some sort of tax crackdown going on - too many businesses have gone off grid, let via airbnb and not declared the income. I don't know the detail of it but it's a massive effect apparently and has quite possibly affected property values.
|