42 Axarquía homes to be auctioned to pay off eight-million-euro debt

The courts have agreed to the public auction of 42 homes, along with their corresponding parking spaces and storage rooms, in a residential development in the Axarquía municipality of Alcaucín in Malaga province.

The aim of the auction is to settle a mortgage debt exceeding eight million euros, interest and costs. The procedure has been published on the auction portal of the Official State Bulletin (BOE).

The file, to which SUR has had access, sets the amount claimed at more than 6.3 million euros in principle, plus nearly 1.9 million euros in interest and legal costs. The enforcement affects the entire development located near the Don Manuel bridge junction, which forms part of Alcaucín; one of the residential areas with the highest level of urban development inland in the Axarquía in recent years.

The 42 properties are being auctioned as separate lots, which will allow bids to be made for each property individually. The valuations included in the edict, consulted by SUR, vary according to surface area and characteristics, with starting prices ranging from approximately 130,000 to more than 260,000 euros in the case of larger units or those in better condition.

The process will be conducted entirely electronically via the official BOE platform. Interested parties must first pay the deposit required by law - usually five per cent of the auction value - in order to participate in the bidding. The award will go to the highest bidder who meets the conditions set out in the court notice.

The edict also points out that the development does not have an occupancy licence, which is relevant for potential buyers, as it may affect the administrative status of the properties being auctioned. Furthermore, the official documentation does not specify the specific ownership status of each property, so interested parties should find out about the possible existence of occupants or additional charges before formalising any offer.

In the event that any of the lots do not receive sufficient bids in the first round, the Civil Procedure Act allows for new rounds with a reduction in the initial rate, with the aim of facilitating the award and making progress in satisfying the outstanding debt, according to information obtained by SUR.

The auction is one of the most significant property enforcement processes in the Axarquía in recent years due to the volume of assets involved. The procedure reflects the legal consequences of non-payment of obligations secured by entire housing developments in a context in which the residential market continues to show great dynamism in the area, both on the coast and inland.

The bidding period will remain open until 12 March, during the dates set on the State Auction Portal, where the individual files for each property, the technical conditions of the auction and the expected timetable for its resolution can be consulted.