As of this Monday, the Balearic Government activates the program Secure Rentala measure that will allow residents of the islands to access empty homes with a 30% discount on the rent over the market price. The initiative aims to improve the accessibility of housing in the Balearic Islands, starting to offer the first properties managed by the Colegio Oficial de Administradores de Fincas (Cafbal) and the Colegio de Agentes de la Propiedad Inmobiliaria (COAPI). The Alquiler Seguro program is designed so that owners can rent with total guarantee: the administration ensures the collection of the rent and the return of the property in optimal conditions at the end of the contract. For tenants, this price reduction represents a unique opportunity, with rents that will not exceed 1,050 euros in Mallorca and Menorca and 1,470 euros in Ibiza and Formentera.
Conditions for participation
As of this Monday, interested parties will be able to obtain information and start the procedures through the program’s official website at www.lloguersegur.caib.esor contact the official associations of real estate administrators and agents on the islands. The requirements for owners include not being considered major tenants and demonstrating that the property has been vacant for a minimum period of time. In addition, the property must be in a condition suitable for immediate occupancy. For residents interested in renting, the program is aimed at those who meet income limits (60,667 euros per year for one tenant or 68,250 euros for two) and have at least five years of residence in the Balearics. During the contract, the tenants will have to assume the expenses of services and maintenance of the housing.
Tax benefits and security for homeowners
The Government also guarantees the owners the security of payments and offers tax deductions of 70% in the IRPF as it is a lease destined to a public administration. This contract is for a period of seven years, with monthly, annual or full payment options depending on budget availability. With this program, the Balearic Islands aims to expand the supply of affordable housing for residents and provide security to owners, establishing a pioneering model of social renting in the islands.
