By John Smith • 26 May 2021 • 13:28
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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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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