The government of Mallorca has temporarily expropriated 16 apartments that had belonged to banks and investment funds, but which had been vacant for many years.
The apartments, which will be made available as social housing, are the first to be taken over by the government after nine months of negotiation and legal process. The government managed to complete the process in record time despite legal challenges from the owners of the properties.
Housing Director Eduardo Robsy said on Thursday that “the plan is to appropriate 56 apartments for a period of seven years.”
The deal, which will see the owners receive a total of 1.8 million euros in compensation, involves 27 apartments on Mallorca, 23 on Menorca and six on Ibiza.
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