The Balearic Government has approved various modifications to the rules for qualifying for its 'Safe Rental' programme. A criterion is that properties should have been empty for at least six months, but this will be waived if properties have had squatters or have been licensed as holiday lets. The government especially wants to get apartments used for holiday rentals onto the residential market.
Another new feature is the possibility of empty homes that form part of large property portfolios, e.g. those of banks, being covered by the Safe Rental scheme. Homes in need of renovation are another new feature. Work on these homes can be financed by advance payments of up to €50,000 from the government's Ibavi housing agency. This will subsequently be deducted from rental income.
The housing minister, José Luis Mateo, hasn't offered an estimate of how many properties could now come under the scheme. The government has been criticised for having reckoned there would be 3,000. Since its launch in November 2024, there have only been 82 in the whole of the Balearics. Mateo has defended this low figure by arguing that it would have taken years to have built 82 homes for rent.
Safe Rental is intended to give landlords confidence when renting out properties. The government acts as an intermediary, guaranteeing rent collection and the return of the property in good condition. It pays the owner a price based on an appraised value within a set maximum (a limit of €1,500 in Mallorca) and offers the properties to residents of the islands at a reduced price, 30% lower than the appraised value.