Property owners in Spain, especially individuals like María José Fernández, feel they have been unfairly portrayed as real estate speculators amid the tensions surrounding the housing crisis in the country. These concerns have peaked ahead of the early general elections on November 29. The neglect of landlords' issues and the focus on tenants' rights have exacerbated tensions.
Impact of the Housing Crisis on Landlords' Lives
María José Fernández, 65, a retiree, stated that the problems faced by landlords like her have been ignored, and she is deeply concerned about government proposals to strengthen tenants' rights. As the owner of a 50-square-meter apartment in Cercedilla, a mountainous town near Madrid, she has faced numerous financial challenges. Her tenants have not paid their €710 rent since 2024, and she has been waiting nearly two years to evict them. Ultimately, she has been forced to leave her home and live with her daughter.
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Election and Its Effects on the Housing Market
The housing crisis has become one of the main topics of Spain's early elections. Landlords are worried about the implementation of new regulations, while tenant rights activists are calling for more support for tenants. Public anger has increasingly been directed at "vulture funds," companies accused of buying homes and raising rents to maximize profits. Large protests have been held in Puerta del Sol, Madrid, where the company owning María Carmen Abascal's apartment significantly raised the rent, forcing her to leave her home.
The minority socialist government led by Pedro Sánchez made efforts to pass new housing regulations, but these attempts failed. One of these proposals included a ban on evicting vulnerable tenants until 2030. After these proposals were rejected, Sánchez decided to call for early elections. The 2023 housing law has strengthened tenants' rights and provided local authorities with new tools to control rents, but some of these measures have faced resistance, especially in areas controlled by the opposing conservative party.
The average rent in Spain has nearly doubled over the past decade. Javier Medina, a 32-year-old owner of 11 rental properties who earns about €10,000 a month, is extremely worried about the possibility of indefinite contracts, stating, "This will be the end of my business." Despite being aware of the serious price issues in Spain, he calls for clear and stable regulations and has halted his expansion plans until after the elections.
Protesters in Madrid have chanted slogans like "Landlords are thieves." Montse Minguez, a spokesperson for the Socialist Party who criticized vulture funds in parliament, resigned last week after it was revealed that her husband’s company owned 30 rental properties.
María, a 38-year-old landlord in Catalonia who does not disclose her last name for fear of being identified by her tenants, also feels unjustly targeted. She says, "Now we are all somehow being labeled as killers because María Carmen died," adding, "I am not a vulture fund!" Having built 30 properties over two decades, she states that strict regulations have made her consider leaving the rental market.
The Federation of Property Associations has predicted that rental transactions may decrease by up to 30% in the coming weeks, which could lead to a reduction in supply and an increase in prices.
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