Ibavi will guarantee the purchase of homes for people with an income of less than €68,500
The Balearic Housing Institute (IBAVI) will guarantee 20% of the mortgage down payment for the purchase of a home, a measure aimed at helping all those people with the financial capacity to pay the mortgage loan but who cannot assume this initial expense. All in all, the range of possible beneficiaries arranged by the Government is strikingly wide, since people with an income of up to 68,541 euros per year -6.5 times the Public Indicator of Income for Multiple Effects (IPREM) with the modifying coefficients that the community itself can establish-, 73,437 euros in the case of couples.
Other conditions will be those of accrediting a minimum of five years of residence in the archipelago or not having any other home already owned. The maximum price of housing, free or protected (although it was specified that the bonds will be released "preferably" for the purchase of private official protection housing), will be 270,000 euros, as explained by the Minister of Mobility and Habitatge, Josep Marí. Said price, "is an appraised price that falls within the prices agreed between promoters and the Government." The measure will take effect on January 1.
The purchase of housing by foreigners sweeps the Balearic Islands
Foreigners are rushing to buy homes in the Balearic Islands. According to data from the General Council of Notaries published, sales to the public from outside Spain soared 81.5 percent in the second half of 2021, making the archipelago the leading community in this respect.
Regarding average home prices, in the Balearic Islands they grew by 9.3 percent in the second half of 2021, to...
The reference value of the Cadastre, Law 11/2021 on measures to prevent and fight against fraud
his law came into force on July 11, 2021 but it was not applied until January 1, 2022 that the new reference value of the cadastre is applied, this being the tax base for taxes such as ITP, inheritance tax or donations.
It is no longer the real value of a property that determines the taxable base of these taxes, but its market value, which is determined from the real estate reference...
Compensation for termination of the lease Art. 34 of the LAU.
«BOE» no. 282, of 11/25/1994. Law 29/1994. of November 24, of Urban Leases
Entry into force:
01/01/1995
Article 34. Compensation to the tenant.
The termination due to the expiration of the conventional term of the lease of a farm in which during the last five years a commercial activity of sale to the public has been carried out, will give the lessee...
Holiday rental licenses in the Balearic Islands.
On Friday, February 18, the Balearic Government issued Decree Law 3/2022, of February 11, on urgent measures for the sustainability and circularity of tourism in the Balearic Islands, in which, among many measures, there is a moratorium or prohibition of new tourist accommodation places during the next four years.
In the first additional provision, the suspension of the acquisition of...
"If Palma limits the rental price, a part will be paid with black money"
Palma City Council's claim to promote effective control of housing rental prices creates the risk of promoting the circulation of black money in the real estate market. This is how the employers' organization Pimem considers it, and it does so by appealing to a specific case: if the maximum amount that the owner can charge his tenant is 900 euros, there will be situations, according to...
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The sale of homes in the Balearic Islands returns to the figures prior to the 2008 crisis
The Balearic property market is undergoing a revolution in many ways. While only 1% of rental homes in Palma fall below 600 euros, the sale of homes registered its best month of November since 2007, with figures close to the years prior to the global crisis. In the eleventh month of 2021, the Islands recorded 1,496 operations to buy and sell homes. Compared to the same month a year ago,...
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House prices rose 3% in 2021 with the Balearic Islands leading the way
The cost of construction of new construction has registered an increase of 15.6% in the last year, up to 2,551 euros per square meter. Despite the price boom, the Real Estate Confidence Index grew to 53.1 points out of a hundred. Housing does not escape inflation. The average house price registered an increase of 3% in 2021, up to 2,551 euros per square meter per month, according to the Real...
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Why is a property better sold with a VIRTUAL TOUR?
On many occasions we have to sell a property that is inhabited and every time we have a client, they want to see the house to position themselves and see if it can fit their needs.
This action causes two situations:
The most cumbersome is for the inhabitants of the house, since they have to show their tidy house to each client that comes with the real estate agency. If the...
Why are houses in Mallorca so expensive?
The builders point out three factors mainly
Access to housing is one of the main problems that the citizens of Mallorca have. Faced with this situation, many people wonder why homes on the Island are so expensive, compared to those sold on the Peninsula.
The manager of the Balearic Builders Association, Sandra Verger, explains that the...