On Tuesday, the Balearic housing minister, Josep Marí, signed the authorisation for the expropriation of 56 properties belonging to large owners. These are apartments which have been empty for two years or longer, are owned by banks and real-estate companies and have been registered as empty with the government; 27 are in Mallorca, 23 in Minorca and six in Ibiza. Once relevant procedures are completed, the properties will be for social rent by those who are on the Ibavi housing agency's waiting list.
Expropriation of apartments could result in lower rents
There could be legal challenges
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AWESOME! The owners of those properties were hoping to cashout at some point with a high margin now it’s guaranteed. If no court in Spain will rule at their favour, Strasbourg court will. Balearics taxpayers will be the ones paying the bill! Nice job! Owers are happy, taxpayers think they are happy (somoene is taking from the rich and giving to the poor) but none will notice when the poor will have to pay twice (or more) in taxes the market value of seized properties!