By John Smith • 19 January 2021 • 17:12
Eight properties will find willing tenants
Credit: Balearic Government
AN investment fund linked to Sabadell Bank has found itself having to sell eight houses to the Balearic Government in the first operation of its kind.
The Government was able to take advantage of an option to have a preferential right to purchase a property being sold for investment purposes in a deal between two banks or commercial groups.
The seller does not lose out as the Government pays the same amount but prices are often less than market price and this means that it can increase its housing stock without building new properties.
This action saw the acquisition of six homes in Palma, one in Manacor and one in Es Mercadal at a total cost of €900,609.
Other empty properties are being taken on seven-year rental leases.
Thank you for taking the time to read this news article “Eight properties in Mallorca purchased as Government housing”.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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