If we take a look at cheap apartments offer In Palma on the real estate portal Idealista we observe that there are many properties for sale since the 37,000 euros until 90,000. A good deal if we take into account that in the capital of the Balearic Islands housing prices are skyrocketing and the housing emergency is one of the most serious problems facing citizens.
The majority of these properties are located in the Son Gotleu area, more than thirtybut there are also some in LonelinessCamp Redó, popularly known as KoreaAnd They are Rock. All of them are sold at prices similar to those of a parking space in many areas of Palma, but they have a big drawback: they are squatting.
It is about ground floor, third, fourth or fifth floors without elevatorbetween 50 and 70 square meters, with two and three bedrooms, which require a complete renovation. The message of the real estate agency to those potentially interested in purchasing these homes is clear: “The property is illegally occupied by third parties and without supplies duly hired. It is recommended that The buyer benefits from professional advice and legal before making the purchasing decision.
In addition, the presence of squatters prevents buyers from visiting these apartments or financing them, so the niche for potential interested parties is reduced to investors: “Second squatted apartment without elevator Pasaje Pic Auñamendi, Son Gotleu. Being squatted, it cannot be visited or mortgaged. Ideal investors»reads the Idealista ad for a house sold in the aforementioned neighborhood for 49,000 euros.
In this sense, real estate agencies specify that this squatting situation is what determines the drop in the price of these apartments.
THE cheaper housing with squatters What we found in Son Gotleu is a ground floor of 52 square meters and two rooms in the Passatge Pic Auñamendi. Now sold for 35,500 euroswhile its initial price was 38,600 euros. On the contrary, one of the masks This is a third floor without elevator on Indalecio Prieto Street, 65 square meters and two rooms, for sale by 88,400 euros.
To the urgent problem of insecurity and drug trafficking which carries within it the multicultural district of Son Gotleu, where long-standing residents, Africans, Moroccans and Algerians, coexist and in which conflicts are on the agendaAdded to this is the phenomenon of illegal squatting of apartments and premises.
And as the experts consulted by OKDIARIO point out, work areas Like Son Gotleu, these are the ones that suffer most from the usurpation of housing, as well as the bourgeois neighborhoods and tourist centers, where squatters know that there are many empty apartments. In addition, the areas that register the highest number of squatters in the Balearic Islands are Palma and Ibiza.
These soils generally thicken the real estate portfolios of many banking entities, but there is also owners who decide to sell these properties at a very low price to avoid the long process of evicting the squatters.
THE worry citizens of the Balearic Islands due to squatting is increasing and the upward trend in cases of squatted housing is due to several factors, including the slowness of the Justice system due to lack of resources and the New Housing Lawentry into force in May 2023.
This legislation introduced changes that further complicated legal procedures related to property recovery, including the declaration of squatters as vulnerable persons, which prevents their eviction.
Pros and Cons of Buying a House with Squatters
As the real estate portal Idealista explains, buying a house with squatters has delicious advantages, but also disadvantages.
Among the advantages, they highlight that the bank and private apartments are sold at prices below market pricesup to 50% off, which can be considered a bargain.
Furthermore, if it is possible to evict the squatters and recover the accommodation, once renovated profitability can be achieved when selling or renting it. To do this, it is sometimes possible reach an agreement with the occupiers to get them to leave the house, offering them financial compensation.
Among the disadvantages, the most important is that the buyer will not be able to dispose of the house. You must execute the expulsion to be able to take possession of the property.
On the other hand, repairs will have to be made, because of the many squatters They cause damage and break furniture from the ground.
Finally, banks may be reluctant to grant loans or mortgages for the purchase of squatted homes due to the risk involved. Additionally, since you cannot enter the home, it will not be possible to assess it.
