The crisis in tourism in Mallorca triggered by the Covid-19 pandemic has led to a boom in sales of hotels, agroturismos (country hotels), holiday apartments and hostels. According to information from real estate platforms, the total sum of these properties amounts to one billion euros.
The almost complete absence of the high season due to local travel restrictions and the source markets has led to severe financial slumps. Short-time work for employees and hotel closings were the result. A lack of liquidity and outstanding loans have broken the necks of many hotels. A real “flood” of sales on various real estate portals such as www.idealista.com or milanuncios.com are the result.
These are very different establishments, from large hotel chains worth several million euros to small holiday apartments. A hotel worth 48 million euros in Peguera and two in Muro with a sales price of 20 and 60 million euros stand out on the portals.
The tourist resorts of Playa de Palma, Playa de Muro, Cala Millor, Peguera, but also Sóller, Magaluf and Santa Ponça are particularly affected.
Larger tourism companies are trying to cushion the effects of the crisis by selling almost half of their shares in investments in Mexico or the Dominican Republic. With the capital thus gained, they hope to be able to survive the coming 2021 season in the Balearic Islands. (dk)
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