19 Oct, 2022 @ 13:15
1 min read

Alarming statistic shows families struggling to afford life in Mallorca

Spain's inflation rate shows surprise small fall in August
Imagen de Frauke Riether en Pixabay

More than 30% of people living on the Balearic Islands cannot afford to live there, according to new research. 

An Economic and Social Council (CES) report suggested 31% of people on the islands could not afford to pay unexpected expenses because their savings were so low. 

CES president Rafael Ballester said the deterioration of family savings especially affected the lower and intermediate social groups in Mallorca and the Balearics. 

According to the research, 16% of people had delays in making housing payments such as rent and mortgages, while 14% could not afford to keep their home at a suitable temperature. 

Inflation rate in Spain hits 10.8%- highest figure since December 1984
CES president says consumers will need to change their purchasing habits. Photo: Cordon Press

Ballester said a worsening economic situation over the final quarter of 2022, and during the first half of 2023 would compound the issue. 

“Consumers will have to change their purchasing habits in every way in order to deal with the current economic situation,” he said.  

The report showed that despite the return of tourism to the island after the Covid-19 pandemic, income per household on the popular holiday island still fell from 18,787 euros per year in 2020 to 16,867 euros in 2021. 

But it did note that increases in energy costs and inflation had progressively affected families in the Balearics. 

Another concerning finding in the report suggested one in five people under the age of 29 were at risk of poverty.


Anthony Piovesan

Anthony joins the Olive Press from Australia, where he worked as a journalist for six years. He reported for country and suburban newspapers, before becoming a political correspondent for News Corp.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

1 bedroom Beach Apartment for sale in Salobrena - € 80
Previous Story

1 bedroom Beach Apartment for sale in Salobrena – € 80,000

Axe Wielding Man In Spain's Valencia Area Attacks Ex Wife's Car With Young Children Inside
Next Story

Axe-wielding man in Spain’s Valencia area attacks ex-wife’s car with young children inside

Latest from Balearic Islands

Go toTop

More From The Olive Press