Málaga City Council approves a budget modification of €3.4 million to acquire 77 protected homes in Soliva, exercising the right of first refusal against the sale to an investment fund.
The Municipal Housing Institute (IMV) of Málaga will give the green light this Thursday to a budget modification of €3.4 million to formalise the purchase of 77 official protected homes (VPO) on Catedrático Cristóbal Cuevas Street, in the Soliva neighbourhood. The operation aims to prevent the homes from falling into the hands of an investment fund, after InmoCaixa announced in February its intention to sell them.
The City Council thus exercises the right of first refusal, a mechanism that allows it to match any buyer's offer and acquire the properties with priority. This right derives from the original contract of the development, as the plot was granted by the City Council in 2006 to the La Caixa Social Work (now InmoCaixa) to build 98 VPO intended for rent. In that agreement, the City Council reserved the option to reclaim the homes if they were ever put up for sale.
Of the €3.41 million approved, €3.1 million corresponds to the purchase price, while the rest is allocated to taxes and associated expenses. The IMV will acquire the homes under the same economic conditions that InmoCaixa had agreed with the investment fund, according to municipal sources.
The decision comes after months of uncertainty for tenants, who feared a change of ownership and possible rent increases or evictions. Additionally, residents had publicly reported the poor state of conservation of the development, with issues such as boiler and solar panel breakdowns, water cuts, cracks in façades, and damage in common areas. Some neighbours even considered legal action against InmoCaixa for its management and the sales process.
With the municipal purchase, the homes will become part of the public housing stock, guaranteeing the continuity of rental contracts. The operation occurs in a context of growing demand for affordable housing in Málaga, where rental prices have risen by 15% in the last year, according to data from the Idealista portal. The City Council thus adds 77 new VPO to its assets, although the original development included 98 homes; the remaining 21 had already been sold previously.
In the same session, the IMV also plans to approve the purchase of two official protected homes that it has been using since 2018 to temporarily house families and individuals in situations of special vulnerability. These homes, located in other areas of the city, will be acquired for an amount not yet specified, according to the agenda of the board meeting.
The Soliva operation represents relief for tenants, who had been mobilising for weeks to demand that the City Council take action. A meeting is scheduled for next week between community representatives and the IMV to detail the timelines for the purchase and the conditions of the new contracts.
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