Panic in Majorca as locals sell homes to foreigners - ‘they had no choice’

Majorcans are being forced to sell their homes to foreigners (Image: Getty)

Locals in Majorca are being forced to sell their properties to foreigners, a lawyer has revealed. It is becoming increasingly common for Majorcans to sell their homes to residents from countries like Germany, partly for financial gain, but also for a more worrying reason, Miquel Àngel Mas explained.

These sellers are left with no other choice, he said, particularly over inheritance. "Property prices are so high that when heirs inherit a house, they have no choice but to sell because they don't have the financial means to buy the other part," Mr Mas told Majorca Daily Bulletin. He added that he has seen this first hand, with the case of two siblings and properties in Calvia, Pollença, Sanytanyí and Soller. "Before, they could buy. Now it's impossible, and they have no choice but to put it up for sale because they can't afford to buy."

Municipalities with high foreign buying activity were affected first (Image: Getty)

This has become a growing problem, with the process, which first began in municipalities with high foreign buying activity, such as Soller and Calvia, now also affecting the island's capital, Palma.

This latest issue comes as it was revealed last month that a whopping 62 people view every property advertisement in Majorca - more than anywhere else in Spain.

Palma is the second city in Spain where competition for each rental property has increased the most, with 62 applicants per advertisement in the third quarter. This represents a 22% increase from a year ago, according to a new study by the real estate portal, Idealista.

Additionally, locals are facing being priced out, as property prices in Palma have skyrocketed by approximately 9.4% over the past year, reaching an average of £3,098 per square metre.

Locals are facing being priced out in Palma as prices skyrocket (Image: Getty)