Walter Finch
FOREIGN property speculators have begun posing as local residents searching for homes on sale in Mallorca, according to local activists.
An anti-tourism group claims to have identified the troubling trend via posters that have been put up around the island canvassing from residents only – no real estate agents.
One such poster, circulating in areas including Palma, Santa Maria, Soller, and Sencelles, reads: “Do you know about homes for sale?
“Hi, I’m Paula, interested in buying a house in this area. I’ll buy it as is, no need to clear or clean. Contact me. Locals only, no real estate agencies.”
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Pretending to be a mallorquino is just one strategy investors have reportedly employed to build trust and exploit the lower prices between locals.
They then renovate them and flip them back onto the market at a much higher price, which effectively forces real mallorquinos out of the market.
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Anti-tourism groups have called the practice out and are encouraging locals to tear down these posters when they see them.
“We’re fighting to preserve our communities,” a spokesperson said. “Ending the housing speculation business is our priority.”
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