Majorca Property News

Mallorca real estate: One billion euro against the economic crisis


The Balearic Islands government braces itself with a huge investment package to combat the economic crisis. A total of 1061 million from pots of the region, the central government and the EU should in the year 2010, the Balearic Islands and revitalize the economy and maintain 35,800 jobs, Francesc Antich, Prime Minister on Wednesday. About 40 percent of the funds earmarked for social policies, the rest goes into the free economy.

Specifically, the following resources are available: With 193 million euros the institutions of public health and education support, 140 million euros are earmarked for rail transport, 48.2 million euros are being invested in road construction, 131 million in environmental protection, and 123 million will spur innovation. Additional 38 million euros are earmarked for irrigation facilities, 54.7 million euro for redevelopment of Villages, 26 million euros for sports and youth facilities, 44 million euros for heritage and tourism infrastructure, 42.7 million euros for tourism promotion and 14 million euros for the Playa de Palma. The most famous resort area of Mallorca, which will be fully modernized in the coming years, would also not benefit the majority of additional 88 million euros, which are not included in the recovery plan.

The number of unemployed has increased in December in Majorca on. According to figures from the Labor Office reported in December on Majorca in the Balearic 91,098 people without work. That's 1146 more than last month and 17,800 more than in December last year. Within a year, the number of jobless in the islands has risen by 24 percent. Particularly strong, unemployment increased in December in the construction, down 7 percent compared to the previous month. Nearly 30 percent of the unemployed are foreigners.

The Balearic Minister for Employment Joana Barceló (PSOE) pointed out that unemployment had risen sharply especially at the beginning of last year, since spring but had used a stabilization. A decline in the unemployment rate is expected to be made from the second half of 2010. When the opposition Popular Party (PP), however, by the failure of the labor of the ruling center-left alliance of the question. In particular, the further rise in unemployment in the construction sector shows that the multi-million dollar economic stimulus programs were for Public Sector Construction Projects in municipalities (Plan E) has been planned at short notice.

Spain is unemployment has almost reached the four million mark. This means an increase in the unemployment rate compared to the previous year quarter to 19.3 percent. Alone in the month of December had to re-register as an unemployed some 55,000 Spaniards. Thus the unemployment rate in Spain reached its highest level since 1996.