Mallorca to benefit from a number of properties purchased from banks

Announcing the purchase
Announcing the purchase Credit: Balearic Government

DETERMINED to add to its permanent housing stock, the Balearic Government is taking over 33 apartment properties which are currently untenanted at a cost of €3.6 million.

It is intended that these properties will be passed to the IBAVI (Balearic Housing Institute) this summer and that as soon as the necessary renovations are made, they can be awarded to those on the hosing list.

These purchases have been made under the rules governing properties owned by large organisations such as banks and the majority were repossessed or handed back by owners who could not keep up payments.


Many of the properties have been obtained from Bankia, Sabadell and SAREB and the average price across the 33 properties is just in excess of €100,000 per apartment.

These 33 properties will join eight obtained earlier in the year with the bulk being situated in different municipalities of Mallorca including Calvia, Inca, Palma, Sa Pobla, Alcudia, Capdepera, Manacor, Muro, Llucmajor and Felanitx.



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