Palma. | S.B.

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There are 120,708 empty homes in the Balearic Islands, which is 28% of the total real estate stock and many of them are in the Old Town areas of cities, according to the Tax Agency data.

This is the first time housing statistics have been published in a disaggregated form of personal income tax data and corresponds to 2019.

2020 income campaign

The study of the real estate situation in the Autonomous Communities concludes that there are 430,884 properties in the Islands.

214,815 are habitual residences; 195,325 are for the exclusive use of the owners, 4,708 are partly rented to other people; 91,103 homes are rented as a main residence and 4,258 as a second home.

The vast majority of empty properties belong to small owners who are reluctant to rent them out.

At the beginning of the year, 779 homes were registered, but more than 1,400 properties were left off the registry because banks and large owners put them up for sale rather then cede them to the Government.

There are many Autonomous Communities with worse data than the Balearic Islands, particularly Murcia, where 34.3% of properties are empty.

Madrid has the highest volume of vacant apartments with a total of 903,368, which is 30.7% of its entire real estate stock.

The 2019 personal income tax statistics also provide data that was previously unknown.

The home rental business in the Balearic Islands generated 900.1 million euros in revenue in 2019, one of the highest figures in the whole of Spain, with the lessors raking in an average income of 10,672 euros per year.

Communities with a similar population to the Balearics, such as Asturias, generated a rental income of 294.65 million euros and Extremadura made 174.98 million.

Catalunya made a total of 4,364 million euros from home rentals in 2019.