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Electric polarization in conventional paraelectric/ferroelectric oxides usually involves the displacement of nonmagnetic transition-metal ions with an empty $d$ shell. Here we unravel an unusual mechanism for electric polarization based on the displacement of magnetic ${\mathrm{Fe}}^{3+}$ $(3{d}^{5})$ ions. Our simulations suggest that the competition between the long-range Coulomb interaction and short-range …