On the Idealista property website are adverts for houses and apartments in Palma which have squatters. There are currently 28 of these properties for sale, one of them being on the market for €795,000.
In the Amanecer district of the city, this house of 200 square metres has four bedrooms. The advert makes clear that it is available "without possession and without access to the interior". "The interior photographs and the property's characteristics may not reflect its current condition. Visits are not possible."
It goes on to say that this property is not suitable for buyers requiring a mortgage, stating that "the buyer will be responsible for the procedures and expenses related to vacating the property." "The information provided regarding the layout and structure may not be accurate, as its verification has not been possible. The indicated layout is based on the distribution of properties in the area."
Properties with squatters for sale are becoming an established part of the market. Francisco Iñareta of Idealista says these are "just another investment product".
"It's disheartening to see how more and more owners are deciding to sell their properties at a loss due to the lack of legal certainty and the lack of support from the courts. The mere appearance of an occupied property for sale represents a huge failure for society because its owner gives up fighting for his or her rights. The fact that there are more and more of them every day should not lead us to accept them as part of the reality of the market, but rather provoke deep reflection and an urgent change in policies to reverse this problem."
José Gómez, owner of Viviendas José Gómez, which has been selling properties with squatters for the past six years, says the housing emergency is so severe that people are now buying any type of property, even knowing that it will take some time before they can occupy it. This has caused prices to double because there is very little supply left on the market and high demand.