The Balearic Government Begins the Expropriation of Homes From Large Owners

The temporary expropriation of 56 homes owned by banks and corporates will cost the Government 40% less than their market prices.

The Balearic councillor Josep Martí signs the home expropriation agreement.

On Tuesday, the Balearic Minister for Mobility and Housing, Josep Marí, signed the first resolution by which the Government will begin the temporary expropriation of 56 empty homes, owned by large owners, for seven years.

The transfer for temporary use clause is included in the Housing Act of the Balearic Islands approved in 2018 and allows flats to be ‘rescued’ for inhabitants of the autonomous region, who then pay a rent that is adapted to their economic capacity and that will never exceed 30% of their income.

Read the full article in Spanish.