Ibiza's half-built block could become 26 rental homes

Up to 26 capped-rent homes in Santa Eulària, Ibiza: a council plan could give a half-built block a new purpose. Santa Eulària Town Council said on 28 October 2026 that it would seek approval to put the building’s completion and the management of its flats out to public tender. The building, at 6 Calle Teniente Coronel Costa Ribas, is currently 50% complete.

The council keeps the land

The council bought the property in September 2026 for €2.2 million. Ibiza Island Council funded 60% of the purchase, with Santa Eulària Town Council paying the remaining 40%. The plot covers about 402 square metres.

If councillors approve the plan, the winning company would fund and finish the work, then maintain and manage the flats. It could use the site for up to 75 years, but the council would keep ownership of the land. The flats would have capped rents throughout that period, after which the building would return to the council.

Deadlines for the developer

Planning rules allow no more than 26 flats on the site. The proposal sets out 40% with one bedroom, 40% with two and the remaining 20% with three or more. The tender would consider the design, energy efficiency and whether bidders could offer rents below the legal maximum.

The winning company would have to apply for a building permit within three months of signing the contract and, in any case, before 4 October 2027. It would then have up to three years from the start of work to finish.

Santa Eulària Town Council also plans 94 capped-rent homes in es Puig d'en Valls, in the same Ibiza municipality, with €21.09 million earmarked for that project. Together, the two schemes could provide up to 120 rental homes for people living in the municipality.

Topics: Housing

Source: Europa Press / Mallorca.com