Renting property before buying is proving popular on the Spanish island of Mallorca as a leading real estate agency’s new rentals division has found.
Experts say that a ‘try before you buy’ is proving interesting for those who don’t have the capital or the conviction to commit to a property purchase in today’s financial climate.
Since opening its dedicated rentals office in April Mallorca Sotheby’s International Realty has reported brisk business.
‘Establishing a rentals division was a logical step for us. Not only does it cater to the try before you buy market, but it also gives our would-be vendors, who are perhaps waiting for the property market to make a full recovery, a chance to earn some regular income from their asset,’ said Isabel Steinkamp, head of Rentals.
‘We also act as an add on to our sales team when they are dealing with investor clients who want to maximise their return through rentals. Finally I can say with confidence that those tenants who have a smooth and happy renting experience with us will choose Mallorca Sotheby’s International Realty when they’re ready to buy,’ she added.
Headquartered in Port Andratx, Mallorca Sotheby’s International Realty Rentals Division focuses on high quality apartments and villas primarily in the southwest of the Island, although the net will be spread wider for exceptional properties.
Targeting long term tenants only, Steinkamp is finding that almost all clients are foreigners with German, English and Scandinavians topping the enquiry list.
Isabel herself has eight years experience in the Mallorcan rental market and knows her subject intimately. With dual nationality, Spanish and German, she is already considering expanding this part of the company’s business.
Indeed, expansion throughout the island and into the new Ibiza Sotheby’s International Realty office is expected in the not too distant future.
Examples of property available to rent include a four bedroom old country house in Calvia village which has been renovated to a very high standard while retaining its original charm and traditional features yet with modern comforts for €6,500 per month.
There is also a southeast facing apartment in Nova Santa Ponsa situated very close to the local golf courses and the super yacht marina of Port Adriano with two double bedrooms, a lounge diner opening onto a terrace with views to the pool and garden area with marble floors, hot and cold air conditioning, satellite TV, underground parking and a storeroom for €1,550 per month.