A friend is employing a lawyer to find out what is the true legal status in the selling of a VPO house. I’m just wondering if any others have any feed back on things I’ve heard from locals etc..
They property is 10 years old next month and means it may be free of VPO.
The property is not Renta Libre until 50 year after construction.
10 years after construction and 5 years from when the last buyers bought the property they can sell.
All of the above come under all/some of the following restrictions:
The buyer mustn’t currently own a property
The buyer is Spanish
The buyer must be a person on low income
The increase in value is VERY limited
VPO’s are often sold before the restrictive resale clauses expire.
As VPO’s are often legally restricted to a maximum selling price, the vendors usually ask for the difference in black money. As a result, we often see the ironic situation of properties supposedly reserved for the poor being made available only to those buyers with at least 120.000 euros in black money.
I have never heard of a resale VPO being sold for the official price – although I suppose it happens sometimes.