New measures designed to prevent a real estate collapse.

New measures designed to prevent a real estate collapse. archive photo.

04-03-2016David Arquimbau

The Spanish Prime Minister, Pedro Sánchez has announced new economic measures that could benefit up to 250,000 people with any type of mortgage in the Balearic Islands.

The Government also approved a moratorium on mortgage payments for first time homebuyers for people who've lost income or are unemployed because of coronavirus.

During the last fifteen years, more than 450,000 mortgages have been granted in the Baleric Islands and 200,000 have been cancelled, leaving around 250,000 mortgages active.

The majority of workers in the Balearics are employed in the Tourism Sector, which accounts for 80% of Balearic GDP. The closure of the Hotel Sector because of the Covid-19 crisis has left thousands of workers temporarily unemployed.

The Minister of Tourism & Employment, Iago Negueruela, has promised that the Government will provide for thousands of temporary layoffs as a result of the approval of Temporary Employment Regulation Files, ERTE.

Aid will also be made available for those who lose their jobs or income because of the health crisis, but still have to pay rent.

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