The Government assumes that the secure rental program has failed and will modify its operation.

PalmThe Government has acknowledged that the secure rental program it launched in October 2024 has failed and has not yielded the expected results. Government sources emphasize that it has allowed around fifty homes to be mobilized in just over a year, and admit that the effect of the measure has been less than expected. "It's slower than expected," these sources insist. For this reason, the Government will change its operation starting in September to "give it a boost."

According to the Government's statement in the note of theprogram presentation(of October 21), the goal was to "reach between 2,000 and 3,000 homes in the first phase," a figure that is still far from reality. According to the same sources, there has been a shortage of owners who have made their apartments available for the program. Furthermore, among those who have, some have contributed homes that have had to be rejected because they lacked the necessary conditions: for example, many needed renovation. For this reason, one of the changes on the table is for the Executive to pay for the renovation in exchange for the owner waiving the need to collect rent until this debt to the public coffers has been paid. This would allow, the same sources point out, to make currently empty apartments available to tenants over a period of up to seven years.

The president of the Official Association of Real Estate Agents (API), José Miguel Artieda, believes that the government's expectations regarding the short-term impact of this program were "a little too optimistic." The organization is collaborating with the executive branch to deploy this tool. In that sense, Artieda believes the program is "going well," even if it doesn't reach the figures initially projected. "It's very laborious due to the amount of documentation required," he explains. "Everything must be in order, even aspects that aren't done in the free market." Another "hold," he points out, has been "the fear of homeowners, the bad press a public program receives, and distrust of institutions." Similarly, he points out that "more dissemination and promotion of the plan is necessary."

Review prices

The prices for the secure rental program reach a maximum of €1,500 per month in Mallorca and Menorca, and €2,100 in Ibiza and Formentera. However, tenants pay 30% less, because the government covers this percentage. Therefore, they will pay a maximum of €1,050 in Mallorca and Menorca and €1,470 in Ibiza and Formentera. However, Artieda believes that rental prices may need to be revised, as they may be too "low" in Ibiza. "The program is under constant review; it is active," he argues, defending its necessity.