Majorca faces ‘very serious problem’ that’s ‘only solved when no tourist wants to visit’

manchestereveningnews.co.uk:

An economist has warned that Majorca faces a “very serious problem” which is linked to tourism. Pau A. Monserrat, a professor at the University of the Balearic Islands and a member of the Economics and Social Council, a Spanish Government consultative body, warns that measures must be taken to tackle the islands property crisis otherwise “it will only be solved when no one wants to come as a tourist or come and live here.” His comments were included in a report by Majorca Daily Bulletin on Majorca’s housing crisis.

Residents on the island face soaring housing prices due to huge demand, a lack of new homes being built and a lack of affordable housing.

María Martos of the Fotocasa property website told the publication: "The Balearic Islands have the highest demand for housing in the whole of Spain.” She explained that the islands are desirable places to live, not just for locals but also for “foreigners with high purchasing power”. READ MORE: UK tourists in Canary Islands warned of emergency alert to be issued to ‘all’ next week She added: “However, the island territory is limited.

Expansion of housing supply is therefore more difficult than in other regions. The imbalance between supply and demand is great.” Similarly, Pau A.