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Sotheby’s International Realty in Mallorca, Spain, reports that more homeowners on the Spanish isle are renting to prospective homebuyers who are not quite ready to commit to purchasing a property in a country that is facing growing economic volatility. The good news is that the rental scheme is helping sellers extract some value from homes that are not selling, and may decrease in saleability as the Eurozone crisis worsens. The real estate firm specializes in high-end properties and agents there are excited to post very good rental deals that are attracting a fair amount of attention that they hope will help drive future sales. For more on this continue reading the following article from Property Wire.

Owners of property in Mallorca unable to sell because of the current economic gloom in Spain are renting out to prospective buyers who want to try before they buy.

A leading real estate company on the Spanish island has found that renting property before buying is proving popular for those who don’t have the capital or the conviction to commit to a property purchase in today’s financial climate.
 
‘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 at Mallorca Sotheby’s International Realty.

Based 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.

‘Establishing a rentals division was a logical step for us. 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,’ added Steinkamp.

Targeting long term tenants only, Steinkamp is finding that almost all clients are foreigners with German, English and Scandinavians topping the enquiry list. 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.

This article was republished with permission from Property Wire.