The Balearic Government is set to launch the “Safe Rental” programme in November.
The aim of the programme is to make more affordable housing available to residents by bringing unused or vacant properties into the rental market.
Under this initiative, small property owners are encouraged to offer their homes at a rent that is 30 per cent lower than the market rate. In return, landlords will receive financial security, with the Administration guaranteeing timely rent payments.
Maximum Rent
The programme sets a maximum monthly rent based on property assessments carried out by real estate agents. For properties in Mallorca and Menorca, the cap is set at €1,500, with tenants paying no more than €1,050.
Landlords are assured of regular rent collection by the Government, and they can opt for flexible payment options, such as monthly or annual payments, or even a seven-year advance.
Landlord Incentives
Additionally, the programme offers several incentives to landlords, including tax deductions and guarantees that their property will be returned in the same condition it was rented out.
To qualify, property owners must meet certain conditions, such as owning the property for at least three years and not being classified as large property owners. They are also required to cover property-related taxes and fees.
