Palma.—As a measure against the economic crisis, the Balearic government had planned to sell off a number of its building assets but successive auctions have ended in failure.

Last Monday, bidding closed without success.
A historic building in the centre of Palma, plots of land at the city's technology park and recycling centre “ParcBit”, a flat with a parking space beneath and important burial plots at Bon Sosec cemetery have so far attracted no offers from purchasers despite the asking price having been lowered on several occasions.

The stagnation of the property market has not shown clemency to the heritage of the Balearic Islands.
Some of the properties have been up for auction on three occasions.
To give an idea of how much the government has had to reduce its asking price for prestigious properties can be seen in the example of the historic building of Can Fabregues, a 1'332 square metre premises in Calle de Sant Francesc in Palma.

At the first auction, it was up for a minimum bidding price of 1.2 million euros, this figure dropped to 1.2 million euros at the second auction.
There has also been a second auction for land at “ParcBit”. Measuring 1'926 square metres the plot has sunk in price from 855 million euros asked at the first auction to 617 million euros at the second. Both Can Fabregues and the land at “ParcBit” are awaiting the decision of Public Administration Minister Simó Gornés to authorise a third auction and a reduction of 15 percent of the minimum bid. A similar decision needs to be made about a government-owned flat in Calle de Jeroni Pou in Palma, initially valued at 178'249 euros and the 28 burial plots in Bon Sosec each worth between 11'450 and 10'420 euros.