Ibiza: Up to 26 affordable rentals in unfinished block
An unfinished block in Santa Eulària des Riu, Ibiza, could become up to 26 homes with capped rents. On 29 October 2026, the town council approves a plan to let a company finish the building and rent out the flats. At the same meeting, councillors approve a 2027 budget of 69.5 million euros, up 7 million euros on the previous year.
A half-built block for rental homes
The building at 6 Teniente Coronel Costa Ribas Street is 50 per cent complete. The council bought the plot in September 2026 for 2.2 million euros, with funding shared by the council and the Consell d’Eivissa.
Under the plan, a company would receive the right to use the council-owned plot free of charge for up to 75 years. The homes must be rented at capped prices throughout that period. The company awarded the right must finish construction within three years of starting work. When the right expires, the building will become council property.
More for investment and staff
The 2027 budget sets aside 6.8 million euros for investment, including 1.3 million euros for a new municipal library and 900,000 euros for new tennis courts. Staffing gets 21.17 million euros, 15.97 per cent more than in 2026, with new finance, engineering, IT and maintenance posts planned.
The tax rate on urban property stays at 0.40 per cent. For rural property, it falls from 0.45 to 0.40 per cent.
Source: Europa Press / Mallorca.com