This Thursday, the IBAVI handed over the keys to the development of eight subsidised housing units (VPP) for rent for young people under the age of 35 in Palma, located in Calle Teresa María Ponce de León, on the corner of Calle Josep Togores.

The development has a total built surface area of 458 m2, distributed over the ground floor and first floor. The building consists of eight one-bedroom homes between 35 m² and 40 m², one of which is adapted for a maximum of two people. The homes have been designed as open-plan spaces without corridors to optimise space.

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The IBAVI hands over the development of eight homes for young people under the age of 35 in Palma

As for the profile of the successful bidders, they are all young people under the age of 35 who will be living on their own. The rent ranges from 175.67 euros to 446.50 euros (expenses included). The rent is adjusted to the actual income of the tenants, so that in no case does the payment of the rent bill represent more than 30 % of the income. For this reason, four of the eight tenants benefit from a reduction in their rent.

The execution budget was 985,674.55 euros (excluding VAT). Work on this development began in March 2021 and finished in November 2024. Once finished, the IBAVI started the procedures to apply for the VPP qualification of the development, the favourable qualification of the town hall, as well as the rest of the administrative procedures, to make the delivery of the homes effective.

In addition to the works in progress, the IBAVI is promoting the construction of 869 public housing units in new developments, with the procedure initiated this term of office. Public housing is one of the axes of the Government’s shock plan, together with the rest of the new measures and programmes, focused on creating more affordable housing for citizens living on the islands.