Buying a home in the Balearic Islands remains one of the biggest challenges for many families and first-time buyers. To help make home ownership more accessible, the Balearic Government offers a range of financial assistance programmes designed to support eligible buyers purchasing their main residence.
If you are planning to buy a property in Mallorca, Menorca, Ibiza or Formentera, these grants could help reduce the upfront cost of buying a home and bring you one step closer to home ownership.
What are home purchase grants?
Home purchase grants are public financial assistance schemes designed to make buying a primary residence more affordable. They form part of the Balearic Government’s housing policy and, in many cases, are linked to Spain’s national housing programmes.
Each funding round has its own eligibility criteria, deadlines and grant amounts, so it is always advisable to review the specific terms before committing to a purchase.
Who is eligible?
Although the requirements vary depending on each scheme, grants are generally available to buyers who:
- Are purchasing a property as their main and permanent residence.
- Meet the applicable income thresholds.
- Do not own another residential property, except where permit
- ed under the relevant regulations.
- Meet any age requirements where the scheme is specifically aimed at younger buyers.
The Balearic Government is expected to introduce a new grant programme for buyers under the age of 40, offering financial assistance of up to €10,000 towards the purchase of a primary residence in the Balearic Islands, subject to the final eligibility criteria.
Applicants are expected to demonstrate a minimum period of residence in the Balearic Islands and commit to using the property as their main residence for at least five years.
What costs can the grant help cover?
Depending on the scheme, these grants can significantly reduce the upfront costs associated with buying a home, making it easier to purchase a first property.
They may also be combined with existing reductions in Property Transfer Tax (ITP) available to eligible buyers, potentially resulting in substantial savings.
While these grants do not replace mortgage financing, they can help overcome one of the biggest challenges facing buyers: saving enough to cover the initial purchase costs.
How do you apply?
Applications must be submitted within the deadlines specified for each grant programme and accompanied by the required documentation.
Typically, applicants will need to provide:
- Proof of identity.
- Evidence of income.
- A private purchase agreement or the title deed, depending on the stage of the transaction.
- Proof of residence, together with any additional documentation required under the specific grant conditions.
Applications are submitted through the Balearic regional administration, which reviews the documentation before awarding any grant.
Why planning ahead matters
If you are considering buying a home in the Balearic Islands, it is important to investigate the grants available before signing any purchase agreement.
Many schemes include conditions relating to the purchase date, residency or income that must be satisfied from the outset.
Working with an experienced estate agent can also help ensure you find a property that not only meets your lifestyle requirements but may also qualify under the relevant grant scheme.
We are here to guide you every step of the way
Buying a property involves far more than simply finding the right home. It also means understanding your financing options, navigating the legal process and making the most of any public funding that may be available.
At Bonnin Sanso, we support our clients throughout every stage of the buying journey, providing expert, personalised advice to help them make informed decisions with complete confidence.
If you are looking to buy a home in the Balearic Islands and would like to learn more about the opportunities currently available, our team will be delighted to help you find the property that is right for you.
Explore properties that may qualify for the scheme
Browse our selection of homes that fall within the maximum purchase price for the current grant programme and take the next step towards owning your home in the Balearic Islands.
