The apartments in Sa Pobla that the Government rejected are starting to be sold for three times the price

PalmA year ago, a vulture fund went sell 87 properties (21 apartments, 1 commercial space, 11 offices, and 54 parking spaces) in Sa Pobla for less than €130,000 each, a price below market value. A real estate agency suddenly bought them and this week began reselling them: the first apartment, measuring 151 square meters, which they originally purchased for €110,000, is now listed for €350,000.

This was denounced on Thursday by MÁS per Mallorca, which criticized the Balearic Government for having ruled out, a year ago, acquiring these buildings by exercising the administration's right of first refusal. "These were apartments being sold below the price of a subsidized housing unit (VPO), and even below the cadastral reference value—a bargain," explained eco-sovereignist deputy Ferran Rosa. "To no one's surprise, the Government said it wouldn't acquire these apartments, hiding behind legal technicalities," he continued. "A year later, here they are. This is the first of twenty-one apartments that will be sold at exorbitant prices, and we'll see a transformation of the commercial premises and offices." speculation "It belongs to Marga Prohens," he said about the president: "She's been feeding it for three years."

The apartment is advertised as a duplex with 151 square meters of constructed area. On the ground floor, it has an entrance hall, a kitchen, a living room, and a toilet. On the first floor, there are three bedrooms, one of them 32 square meters. It also has a parking space, an elevator, and a storage room. "Citizens of this land, when it comes to acquiring a home, will have to face a purchase cost three times higher, due to the responsibility and omission of the Housing Department," he insisted.

What is the right of first refusal and redemption?

The right of first refusal gives the government preference to acquire a property under the same conditions as a private buyer when the owner decides to sell. The right of redemption, on the other hand, applies after the sale has already taken place. It allows the government to reverse the sale of a property and acquire it under the same conditions as the private buyer. In this case, the Catalan government stated that the law did not allow it to exercise this right because the sale did not involve acquisitions through mortgage foreclosure. However, MÁS has described this as a "legal interpretation" that distorts the very purpose of the law.