Entre 2001 y 2024, el parque total de viviendas en España creció de 21,03 millones a 27,00 millones, lo que supone un aumento cercano a los 6 millones de unidades (+28,4 %). Este incremento no ha sido lineal: durante los primeros años, especialmente hasta 2010, el crecimiento fue más acelerado, coincidiendo con la expansión inmobiliaria previa a la crisis financiera de la Gran Recesión de 2008-2014. Entre 2011 y 2015 se observa una ralentización, seguida de una recuperación moderada a partir de 2016.[1]​.

Las viviendas principales pasaron de 14,18 millones en 2001 a 19,28 millones en 2024, lo que representa un incremento de 5,09 millones (+35,9 %). Este aumento ha sido relativamente constante, aunque con una ligera desaceleración en los años posteriores a 2011. En términos relativos, el peso de las viviendas principales en el total ha crecido del 67,4 % en 2001 al 71,4 % en 2024, lo que refleja una tendencia hacia un uso más residencial del parque de viviendas, pues las viviendas no principales —aquellas destinadas a segunda residencia, uso temporal o desocupadas— pasaron de 6,85 millones en 2001 (32,6 % del total) a 7,73 millones en 2024 (28,6 % del total), con un crecimiento mucho más moderado (+12,9 %).[1]​.

Antique

According to a report from the National Federation of Real Estate Associations (FAI) published in August 2023, the average age of the used housing stock in Spain is 43.5 years. The study, based on information from around 1,200 real estate agencies, shows that many used homes in Spain have deficiencies related mainly to their age and design. About 32% lack an elevator, which makes mobility in tall buildings difficult. Around 25% have little outdoor space, such as balconies or terraces. Almost 24% do not have adequate thermal insulation, affecting comfort and energy consumption. About 19% lack access ramps, limiting accessibility for people with reduced mobility. These figures reflect the need for rehabilitation and adaptation of a large part of the housing stock to improve its functionality, accessibility and efficiency.[22]​[23]​.

Housing before 1960 represents less than 15% of the total. The vast majority of homes, 95% of the total, were built before 2009, concentrating especially between 1960 and 2009, a period in which nearly 67% of the total was generated, with peaks in the 1970s (18.4%) and 2000s (21.5%), the latter coinciding with the real estate boom and bubble in Spain. Since 2010, growth has been very limited, with only 3.9% between 2010 and 2019 and less than 1% since 2020, due to the absorption of excess stock, shortages of land and labor, long administrative procedures and financing restrictions for developers. The age of the homes thus shows that the Spanish residential park is mainly composed of buildings built in the second half of the century and the first decade of the century.[24]​.

Typology

According to Eurostat, Spain, in 2022, is the country where the most people live in apartments, 65.6% of the population, compared to 34.2% who live in single-family homes, this phenomenon being especially urban, while in rural areas houses predominate (77.3%). Living in apartments reflects the concentration in cities and the distribution of the population according to the type of housing.[25]​[26]​.

Equipment

In 2021 (INE), 99.85% of homes in Spain have access to running water, 99.76% have a toilet and 99.52% have a bathroom/shower.[27]​.

According to the Rental Observatory, 8.5 million people suffer residential exclusion in Spain, which represents almost 18% of the population. Of them, between 28,500 and 42,000 live directly on the streets or in shelters, while 3.7 million live in unsafe housing, under threat of eviction or without stability of tenure, and 4.8 million reside in inadequate homes, with habitability problems, slums or overcrowding, the latter being the most widespread case and affecting 4.1 million people, 8.7% of the population. population.[28][29]​.

According to the Survey of Essential Characteristics of the Population and Housing, published by the INE in 2021, the washing machine is the most common appliance, present in 98.9% of homes, and the dryer is the least common, present in only 26.3% of homes.[30]​.

In 2013, the Government of Mariano Rajoy approved royal decree 235/2013, of April 5,[31]​ later updated by royal decree 390/2021, which established the obligation to make available to buyers or tenants an Energy Efficiency Certificate (CEE) for homes, at the time of their sale or rental.[32]​.

An Energy Efficiency Certificate (CEE) is an official document to inform the buyer or tenant of the energy consumption of a building, home or premises, that is, how much the electricity/gas bill will cost. This must contain the energy label, from A (very efficient, lower consumption) to G (very inefficient, higher consumption), the estimated annual energy consumption in kWh/m², CO₂ emissions associated with energy consumption, technical characteristics of the property, such as thermal insulation, carpentry (windows, doors) and heating, cooling and DHW (domestic hot water) systems and recommendations for improvement to increase efficiency and reduce consumption, such as changing windows, insulating the walls, changing the boiler, etc.[33]​.

According to data from the Institute for Energy Diversification and Saving (IDAE), more than 80% of buildings and homes in Spain receive an energy rating E, F or G, which indicates energy inefficiency.[34]​ In 2024, the majority of homes have an energy rating E (70.7%), followed by categories F, G and D (23.7% in total). Only 5.6% correspond to the most efficient (A, B and C).[24]​ Until the end of 2021, a total of 5,978,358 energy efficiency certificates had been registered in buildings.[35]​ The European Commission has established that all homes must have at least an energy efficiency certificate E in 2030 and D in 2033.[34]​.

A one-letter improvement in energy efficiency can increase housing prices by 1.3% on average and up to 4% in some regions.[36][37][38]​.

The Next Generation EU European funds, through the Recovery, Transformation and Resilience Plan of the Government of Spain, finance actions to improve the energy efficiency of buildings. The P4 Program subsidizes up to 40% of the cost of improvements in individual homes (up to €3,000). The P3 Program finances interventions at the building level with subsidies of 40–80% depending on the energy savings achieved.[39]​.

There are different official organizations that are responsible for publishing data on the evolution of the Spanish real estate market.

The Cadastre is an administrative registry with mandatory and free registration, dependent on the Ministry of Finance, which includes the description of rural, urban and special characteristics real estate, through physical, economic and legal data: location, cadastral reference, surface area, use, year of construction, graphic representation of the plot, cadastral value, reference value and ownership, among others, except in the Basque Country and Navarra. Your data is updated when there are sales, inheritances, new constructions or renovations. Each property is assigned a cadastral value, which serves as the basis for various taxes, such as the Real Estate Tax (IBI), the Personal Income Tax (IRPF) in some cases, or the Property Transfer Tax (ITP). Citizens can consult the cadastral information of their assets at the Cadastre's electronic headquarters. Some of the information is public (cadastral reference, location, surface), but other data (owners, cadastral value) are protected and can only be seen by the owner or authorized persons.[21]​[46]​.

The Property Registry "Property Registry (Spain)") is a public institution of the Ministry of Justice "Ministry of Justice (Spain)") whose function is to provide legal certainty about who is the owner of a property and what rights or burdens fall on it, making it a key tool in sales, mortgages, embargoes, usufructs, inheritances, easements, etc. Although registration is voluntary, doing so offers strong protection: whoever appears registered is presumed to be the owner. Unlike the Cadastre, which describes the property for tax purposes, the Registry has legal and evidentiary effects.[47]​[48]​.

The Ministry of Housing and Urban Agenda, formerly the Ministry of Development or Transport,

reports the Housing and Land Observatory and the Urban Vulnerability Observatory, as well as statistical information on protected housing, housing stock, real estate transactions, urban land prices, vacant housing, new housing stock or appraised value.[49]​.

The National Institute of Statistics "National Institute of Statistics (Spain)") prepares the Census of Population and Housing,[50]​ the Statistics of Transfers of Property Rights (ETDP),[51]​ the Housing Price Index (IPV),[52]​ the Rental Housing Price Index (IPVA),[53]​ the Survey of Housing Conditions Life (ECV),[54]​ the Reference Index for the Update of Housing Leases (IRAV)[55]​ or the Survey of Essential Characteristics of the Population and Housing (ECEPOV),[30]​ among others.[56]​.

The College of Registrars of Spain publishes the Real Estate Registry Statistics (ERI), on a quarterly and annual basis, with data on sales, mortgage loans, repeat sales price index, mortgage defaults, etc.[57]​.

The Bank of Spain offers data on prices and sales, financing received for the purchase and construction of housing and its conditions, demographics, the Spanish labor market, accessibility to purchasing housing, statistics on housing production and the existing housing stock, etc.[58]​.

The Valuation Society publishes the New Housing Census[59]​ and the New Housing Price Index,[60]​ and belongs to the panel of housing prices in Spain, a repository that brings together data from various public and private sources.[61]​.

Other unofficial organizations periodically publish data and statistics on the evolution of the real estate market in terms of prices, as well as legislation or equipment, such as the Idealista real estate portal.

Durante el ciclo expansivo previo a la crisis financiera de 2008 "Crisis económica española (2008-2014)"), el mercado inmobiliario español alcanzó niveles históricos. En 2007 se registraban habitualmente más de 80 000 compraventas mensuales de vivienda libre, tanto nueva como usada, un volumen extraordinario que reflejaba tanto la fuerte demanda como la facilidad de acceso al crédito hipotecario. La vivienda nueva tenía un peso muy importante en aquel momento, fruto del bum de la construcción durante la burbuja inmobiliaria en España.[51]​.

Con la crisis de 2008 y la posterior recesión, se produjo un desplome abrupto de las compraventas. Entre 2008 y 2013, las compraventas cayeron a mínimos históricos, con meses en los que apenas se registraban unas 20 000–25 000 operaciones de vivienda libre, menos de la tercera parte del nivel alcanzado en la etapa expansiva. La vivienda nueva fue la más castigada: las promociones iniciadas en los años anteriores quedaron sin absorber y la demanda se concentró cada vez más en vivienda usada. En paralelo, la vivienda protegida perdió peso en el mercado, mostrando un descenso más acusado y prolongado.[51]​.

A partir de 2014 se inició una recuperación paulatina, acompañada por un cambio estructural: la vivienda usada comenzó a dominar claramente el mercado, desplazando a la vivienda nueva. Mientras que antes de la crisis ambas modalidades estaban más equilibradas, desde mediados de la década de 2010 la vivienda usada pasó a representar alrededor del 75–80 % de las operaciones. Esta recuperación coincidió con la progresiva mejora del empleo, la mayor confianza económica y unos tipos de interés históricamente bajos, lo que reactivó la demanda.[51]​.

La llegada de la pandemia de COVID-19 en España en 2020 supuso un paréntesis en esa recuperación. Durante los meses de confinamiento por la pandemia de COVID-19 en España (abril y mayo de 2020) el mercado prácticamente se paralizó, con niveles muy bajos de transacciones. Sin embargo, el rebote fue rápido: a partir de la segunda mitad de 2020 y sobre todo en 2021 y 2022, se produjo un repunte muy fuerte.[51]​.

En los años más recientes (2023–2025), aunque las cifras están lejos de los máximos de 2007, las compraventas se mantienen en torno a las 50 000–60 000 mensuales de vivienda libre, tanto nueva como usada. La vivienda usada sigue marcando la pauta, con cuatro de cada cinco operaciones, mientras que la vivienda nueva no llega a las 15 000 operaciones en 2025, frente a las más de 30 000 que se registraban en 2007.[51]​.

Prices

The price of housing in Spain has historically maintained a certain stability in relation to family income - or disposable income - except in the so-called real estate bubbles or real estate crises; periods in which prices suffered disproportionate increases: real estate bubble from 1986 to 1992 - which affected prices but not so much the volume built - and above all the real estate bubble from 1997 to 2007, or the Spanish real estate crisis from 2022-2025.[3]​ In June 2007, the maximum peak in housing prices was reached. After six years, in June 2013, housing had dropped by 35%.[63][64][65][66]​.

Between 2007 and 2025, new housing prices in Spain increased by 59%, while second-hand housing prices barely grew by 1.5%. During the 2008-2014 crisis "Spanish economic crisis (2008-2014)") both fell sharply, new housing by -29% and used housing by -41%. Recovery began in 2014. In 2025, new housing doubled in value compared to 2014, used housing increased by 75%. Before the crisis, second hand was more expensive, but after the recovery new construction leads the prices.[52]​.

According to the Bank of Spain, in 2024, households will allocate more than 39% of their gross annual salary to mortgage payments, the highest level in 12 years. In historical comparison, the current effort is less than in the worst moments, such as in 1990-1991, when families needed more than 70% of their income, or in 2008, with almost 55%. However, it is still much higher than in 1999, when 25% was sufficient. In terms of years of salary necessary to acquire a typical home, Spanish households need at least seven and a half years of accumulated gross salary in 2024, although the record was set in 2007 with more than nine years.[67][68]​.

En 2024, el 20,4 % de los hogares en España vivía de alquiler, lo que constituye un récord histórico. En 2005, eran el 13 %.[54]​ Aunque la mayoría de la población sigue siendo propietaria, cada vez más familias optan por alquilar porque comprar una vivienda resulta demasiado caro. Las comunidades con más viviendas en alquiler son Baleares, Cataluña y Madrid, mientras que en Castilla y León, Cantabria y País Vasco predomina la compra. Además, las subidas de los alquileres están limitadas al 2,19 % en contratos firmados después de mayo de 2023.[69]​[70]​[71]​.

El aumento del alquiler afecta sobre todo a personas de entre 30 y 44 años, que tradicionalmente compraban su primera casa. Para muchos, pagar una renta elevada impide ahorrar y genera dificultades económicas. Los jóvenes son los más golpeados: solo el 14,8 % se ha emancipado, la tasa más baja en la historia. Un sueldo medio no alcanza para pagar un alquiler en solitario, lo que retrasa su independencia.[69]​[72]​.

Los contratos de alquiler de viviendas están regulados principalmente por la Ley de Arrendamientos Urbanos (LAU). Esta establece que la duración del arrendamiento se pacta libremente entre las partes, pero si el contrato inicial es por un plazo inferior a 5 años (7 años si el arrendador es persona jurídica), se prorrogará anualmente hasta alcanzar esa duración mínima legal.[73]​.

El Banco de España ha identificado una problemática creciente en el mercado de alquiler español: el sobreesfuerzo económico que enfrentan los hogares arrendatarios. Este fenómeno se define cuando una familia destina más del 40 % de su renta bruta disponible al pago de la vivienda, incluyendo alquiler y suministros básicos. Casi cuatro de cada diez hogares en alquiler se encuentran en esta situación, una proporción que supera con creces a países como Italia (28 %), Francia o Alemania (17,5 %) durante el período 2015-2023.[74]​.

Decenas de miles de personas protestaron en Madrid el 14 de octubre de 2024 bajo el lema Se acabó: bajemos los alquileres contra el alto precio de las viviendas y los alquileres. En el manifiesto, leído por el actor Juan Diego Botto se indicó: «Este modelo promueve el expolio público mediante operaciones especulativas y antisociales, como las de Chamartín y Campamento "Campamento (Madrid)")" [...] Exigimos la ampliación y la aplicación de la ley estatal de vivienda, con especial importancia en la imposición de precios máximos en el alquiler. La recuperación de los contratos de alquiler indefinidos. El impulso de un plan estatal de vivienda pública. El Gobierno, además, debe adoptar medidas para que la Comunidad de Madrid cumpla la ley».[75]​ El 19 de octubre decenas de miles de personas protestaron en la ciudad de Valencia bajo el lema València s'ofega (en español: ) para reclamar topar los precios de los alquileres tal y como posibilita la ley estatal de Vivienda y prohibir los apartamentos turísticos. Portavoces de València no está en venda indicaron: «Están cargándose Valencia. Están vendiendo toda la ciudad a fondos especuladores y queremos una ciudad para su vecindario [...] Nos están expulsando de la ciudad. La gente se tiene que ir a vivir a los pueblos cercanos, donde también está subiendo el precio de la vivienda».[76]​.

Between 2011 and 2023, housing rental prices in Spain show a general upward trend, both for single-family homes and for collective homes, that is, room rentals. During the first years, from 2011 to 2015, prices showed a slight drop as a consequence of the economic crisis. Starting in 2016, a sustained increase in rental prices has been observed. The rental price of single-family homes increases by 15%. In the case of the price of collective housing, the increase has been more pronounced, with an increase of more than 19% in that period.[53]​.

According to data from Fotocasa and InfoJobs, in 2024, Spaniards had to dedicate on average 47% of their gross salary to paying rent, an increase compared to 43% the previous year. This figure far exceeds the 30% threshold that financial organizations consider sustainable. In communities such as Madrid and Catalonia, the situation is even more extreme, reaching 71% and 64% respectively. The main cause is that rents have risen much faster (14% annually) than salaries (3.1%). Sharing a flat is a more affordable alternative, although it is not free of economic pressure either. In 2024, those who rented a room had to allocate an average of 23% of their salary to this expense, compared to 21% in 2023. Even so, in communities like Catalonia, this effort reaches up to 28%, which shows that even the option of sharing housing becomes progressively more expensive.[78][79][80]​.

In 2019, the Government of Pedro Sánchez increased the extension of rental contracts from 3 to 5 years, which prevents increases in the rental price from being applied for 5 years, except those that are specified in the contracts according to the consumer price index (CPI) or other indices.[81]​ As a consequence of the Russian invasion of Ukraine in 2022, inflation shot up to 10%, so the Government capped the maximum percentage at 2%. a landlord could apply to the rental price to the tenant.[82] This limit was increased to 3% in 2024. Starting in 2025, the law for the right to housing establishes for contracts signed as of May 26, 2023 a Reference Index for the Update of Housing Leases (IRAV), instead of the CPI. Thus, in 2025, the maximum increase allowed according to the IRAV is 2.20%. For previous contracts, the update systems previously agreed between the parties are maintained, such as the CPI or other agreed indices.[83]​.

The IRAV also serves as a reference to establish limits on rental prices in stressed residential market areas, where rental prices have experienced significant increases. In order to encounter them, the autonomous community has to declare a certain one as stressed. Catalonia was a pioneer in the application of this legal figure. In July 2025, 271 municipalities have been declared as stressed areas, including the four provincial capitals, Barcelona, ​​Gerona, Lérida and Tarragona, coastal municipalities such as Lloret de Mar, Sitges and Salou, and other municipalities in metropolitan areas and in the interior of the community with high demand for housing. In August 2025, in the Basque Country, San Sebastián, Galdácano, Baracaldo, Irún, Zumaya, Lasarte-Oria and Rentería have been declared stressed areas. Navarra has declared 21 municipalities as stressed areas, covering almost 70% of the community's population. In Galicia, only La Coruña has been declared a stressed zone, becoming the first Galician city to adopt this measure.[84]​[85]​[86]​ At a general level, the autonomous communities governed by the Popular Party (PP) have shown a position contrary to the application of stressed residential market zones that allow limiting rent increases and offering tax incentives to owners who reduce prices.[87]​[88]​[89]​.

Collective housing

Traditionally, the room rental market has been closely associated with students, but following the COVID-19 pandemic, the economic situation and lack of affordable housing have pushed a broader group of the population, including older adults, to choose to live in rooms instead of renting entire homes.[90][91]​.

The profile of room seekers continues to be predominantly young, with 73% of those interested in the range of 18 to 34 years old. However, the percentage of adults aged 45 to 54 seeking to share a flat has also grown. The majority of tenants are women (68%), and a large percentage are single (70%).[92][93]​.

In 2025, the average price of a room in Spain is 420 euros, with cities such as Barcelona and Madrid reaching higher prices (600 and 550 euros respectively).[94]​.

Tourist homes

In November 2024, the INE "National Statistics Institute (Spain)") registered 368,295 homes for tourist use (VUT) in Spain, which represents around 1.38% of the total housing stock[95]​ and 10% of the rental real estate market.[96]​ However, these data vary substantially in areas with greater tourist attraction. In the central district of Madrid "Centro (Madrid)"), almost 1 in 4 rental properties is intended for tourists, that is, tourist rentals represent 24% of the total rentals.[97]​ In Málaga, this percentage reaches close to 21%, and, in San Sebastián, it is around 11%.[98]​ This concentration generates strong pressure on the supply of rental housing available for tourists. residents.[99][100]​.

In 2024, according to Eurostat, Spain was, with 170 million overnight stays, the second country in the European Union with the highest number of tourist accommodation reservations through platforms such as Airbnb, Booking.com or Expedia, which represents 20% more than in 2023, with Andalusia and the Canary Islands leading the ranking of the European regions with the highest number of overnight stays, 8.7 and 7.2 million nights, respectively, and with Catalonia, the Valencian Community and Madrid also in the top 20.[101]​[102]​.

While the average profitability of residential rentals is around 3.9%, in tourism it can reach 7% and even exceed 10-13% in locations with greater tourist attraction. In practice, renting by the day or week to tourists can be up to 60% more profitable than renting to long-term tenants. This causes many owners to choose to convert their rental homes to tourist use, reducing the supply of residential rentals. In the six cities with the greatest tourist attraction—Madrid, Barcelona, ​​Seville, Málaga, Valencia and San Sebastián—it is estimated that in the last decade tourist rentals have subtracted 6% of the residential stock, equivalent to more than 60,000 homes.[103]​[104]​[105]​[106]​[107]​[108]​.

Recent studies show that in neighborhoods where tourist housing exceeds 10% of the total, rents have risen between 31% and 33%, with increases of around €3.29/m² for every additional 10% of tourist presence. This increase in prices not only impacts those looking to rent, but also generates gentrification, that is, the expulsion of lower-income neighbors, the loss of traditional commerce and the transformation of the social fabric. According to the OCU, 85% of those surveyed believe that tourist rentals influence the increase in prices and 74% believe that it does so decisively.[109]​[110][111]​.

The political response of municipal administrations in this regard is beginning to materialize, but in an uneven manner. Málaga has approved a three-year moratorium on granting new licenses for tourist homes.[112]​ Barcelona has announced that it will eliminate all tourist apartments in 2029 to recover some 10,000 homes for residential use.[113]​.

Of the 368,295 tourist homes registered by the INE in November 2024, it is estimated that approximately 38% of these homes do not show a license number in their advertisement — and in communities such as Madrid or Valencia, that proportion rises to 70% — which means that the vast majority operate outside the law or without formal authorization. The INE statistics are compiled from vacation rental platforms and regional registries, so that all homes offered as tourist properties are included in the count, regardless of their legal status.[95]​[114]​.

La especulación inmobiliaria consiste en adquirir propiedades no para residir en ellas, sino con el objetivo de obtener beneficios económicos mediante su revalorización o alquiler. Esta práctica eleva artificialmente los precios de la vivienda, dificultando el acceso a la misma para muchos ciudadanos.

Grandes fondos de inversión, especialmente estadounidenses, adquirien activos inmobiliarios en España para ello. Por ejemplo, CBRE Group y Cross Ocean Partners han invertido conjuntamente 450 millones de euros en la promotora Vía Célere, especializada en el desarrollo de viviendas en Madrid. Blackstone Inc. se ha convertido en el segundo propietario privado de vivienda de España.[120]​[121]​[122]​[123]​.

Empresas emergentes como Inversiva están revolucionando el sector mediante el modelo de house flipping, que consiste en comprar, reformar y alquilar propiedades. Inversiva, respaldada por Juan Roig, dueño de Mercadona, gestiona más de 600 inmuebles en ciudades como Madrid, Valencia y Alicante, y ha recaudado 1,9 millones de euros en rondas de inversión.[124]​ También otras empresas realizan lo que se denomina rent-to-rent, es decir, alquilar una propiedad para subarrendarla a terceros.[125]​.

Cada vez más pequeños inversores se sumergen en el mercado inmobiliario a través de plataformas de crowdfunding como Urbanitae, que permiten invertir en proyectos inmobiliarios con aportaciones desde 25 000 euros. Estas plataformas ofrecen una rentabilidad media del 7,3 % en 2025.[126]​.

Segín Comisiones Obreras, la rentabilidad bruta anual de la vivienda se situó en un 12,9 % a cierre de 2024, superando con creces la de productos de bajo riesgo como los depósitos a plazo fijo.[127]​ Según Idealista, la rentabilidad bruta de la compra de una vivienda para ponerla en el mercado de alquiler se ha mantenido estable en el 7,3 % durante el primer trimestre de 2025.[126]​.

Murcia encabeza el ranking de ciudades con una rentabilidad bruta que ronda el 6,5 % en 2025, gracias a precios de compra todavía asequibles y una demanda creciente de alquiler. Gandía presenta rentabilidades superiores al 10 %, impulsadas por el turismo y la demanda estacional.[128]​[129]​.

Según el Estudio del Perfil Comprador 2025 en las Agencias Inmobiliarias de la Federación Nacional de Asociaciones Inmobiliarias (FAI), el 42 % de las viviendas en España se adquieren como inversión (24 %) o como segunda residencia (18 %). Entre enero y marzo de 2025, el 34,5 % de las viviendas en España se compraron al contado, es decir, sin hipoteca, una cifra no vista desde 2014. Este fenómeno se debe en parte a los inversores, que adquieren inmuebles no para vivir en ellos, sino para obtener rentabilidad mediante el alquiler o la reventa.[130]​[131]​[132]​.

Vulture Funds

Since the Spanish real estate crisis of 2008-2014, large investment firms—especially American—have come to control a substantial part of the rental stock in Spain, with a special concentration in Madrid capital. Blackstone Inc., the largest private equity fund in the world, has become the largest private homeowner in the capital and the second in Spain as a whole. It has about 13,000 homes in Madrid and about 19,600 throughout Spain. Around 185,000 rental homes will be in the hands of large corporations in 2025, approximately half of them controlled by companies based in the United States.[122]​[133]​.

This change of hands occurs in a context of strong tension in the housing market. In a decade, since 2015, rents have risen by around 57% and purchase prices by 47%, while the housing stock has not grown at the pace of demand. The combination of a shortage of affordable supply, investment pressure and the scarce public housing stock has aggravated residential vulnerability.[122]​.

The way in which the vulture funds entered with such force stems from the real estate explosion of 2008 and the debt crisis in the eurozone, the State and the City Councils, which sold assets to clean up their accounts. At the same time, banks also got rid of large portfolios of homes with mortgages in default. Blackstone Inc., Cerberus Capital Management, Goldman Sachs and Lone Star bought about 400,000 homes nationwide. Blackstone operates in Spain through at least 27 subsidiaries and investment vehicles that use different models: acquisition of homes foreclosed upon non-payment, purchase of entire developments for rental use - sometimes short-term - and acquisition of public housing which, once privatized, becomes governed by profitability criteria like the rest of the housing stock.[122]​[134]​.

A turning point was 2013, when Madrid City Council sold 5,000 public housing units to American funds such as Goldman Sachs. Blackstone Inc. acquired 1,860 apartments for 128.5 million euros, equivalent to about 69,500 euros per apartment. A subsequent judicial audit concluded that those sales were made below the market price. The then mayor, Ana Botella, and other officials were fined 26 million euros for mismanagement, a fine later revoked upon appeal. In 2025, the Goldman Sachs case is still in court, although its application is complex because many homes have already been resold. These policies have favored the consolidation of large holders and the intensification of real estate speculation.[122][135][136][137]​.

The Spanish mortgage architecture has historically offered few safeguards for debtors in trouble: in numerous cases, there was no dación en pago ("Dación en pago (Spain)"), that is, if the tenant could not pay for the home, he had to continue paying for it even though the bank had taken it. To alleviate the most acute effects, the Government of Pedro Sánchez established a moratorium on evictions due to non-payment for "vulnerable" households until 2028, although this vulnerability is evaluated on a case-by-case basis. Also, in 2025, it has proposed a 100% tax for non-EU buyers, a measure that, if approved, would not affect multinationals that operate through local companies, as these funds do.[122]​[138]​.

Blackstone claims to fully comply with the inherited contracts, maintains that prices are determined by the legal framework and the market - not the company - and emphasizes that its share of the total park is less than 0.12% to argue that it cannot move the price on its own. He adds that he has invested around 180 million euros in renovating the homes and that the real problem is the lack of new housing.[122]​.

Tenant groups report sharp increases in rental prices when their homes are purchased with these funds and report that there are empty apartments in buildings that belong to them. Blackstone denies deliberately keeping homes unoccupied and attributes this to periods between contracts or improvement work.[122]

In Barcelona, ​​Blackstone's assets are around 2,500 homes. Barcelona City Council has promoted measures such as the power of trial and withdrawal (matching offers to keep buildings and use them for public rental) and the announcement of the gradual elimination of short-term tourist rentals by 2029, with the aim of returning units to the traditional residential market. These initiatives seek to moderate pressure on supply and prioritize permanent housing use.[122]​[139]​[140]​.

A study carried out by the European Union shows that 51 million young Europeans continue to live at home with their parents, despite being of legal age and of working age. In Spain, the economic situation and the labor market have meant that many young people do not decide to take the step to "leave the nest." One of the main reasons for continuing to stay in the parents' home is the possibility of avoiding certain fixed expenses that they are not always sure of being able to afford. The average age at which men become independent is greater than the age at which women become independent.[141]​[4]​[142]​.

• - More than a third of young Spaniards (between 25 and 35 years old) live at home with their parents. 19.6% of women choose to stay at their parents' home compared to 32% of men.[141]​.

• - European statistics also reflect that women feel that they want to live as a couple before they do. Almost half of women have made this decision between the ages of 18 and 35 (47%), compared to 32% of men.[141]​.

In 2021, the Second Government of Pedro Sánchez created the Young Rental Bonus, financial aid aimed at young people between 18 and 35 years old with incomes of less than 21,600 euros gross per year, equivalent to three times the IPREM, to facilitate their access to housing. This subsidy offers 250 euros per month for a maximum of two years, which is equivalent to 6,000 euros in total. Aid is available in all the autonomous communities of Spain, except in the Basque Country and Navarra, which manage their own programs due to their regional regime.[143]​.

Historically, subsidized housing has been one of the most common ways of accessing housing for both the most disadvantaged sectors and senior ministry officials. The State Housing and Rehabilitation Plan 2009-2012[144]​ generically established the guarantees and ways of exercising the right to housing included in the Spanish Constitution:

Said plan considers beneficiaries with the right to preferential protection to be family units with income that does not exceed two and a half times the Multiple Effects Public Income Indicator (IPREM):.

In 2013, Law 4/2013, of June 4, on measures to flexibilize and promote the housing rental market, was approved.[145]​ Among others, the European research project TENLAW contributed to this law, standing out as one of its social impacts.[146]​.

In 1985, 65% of the total number of homes built in Spain were officially protected. In 2023, they accounted for only 10%.[147][148]​.

According to a report by the Workers' Commissions, published in 2024, if the social housing built had not been liberalized in the last 4 decades, allowing individuals to sell them at a free price, Spain would have 4.7 million homes at a social price, instead of around the 300,000 that the union estimates exist in 2024, which represents only 2.5% of homes, compared to the 9.3% on average in the countries of the European Union, far from the 20% that exists in Denmark or the United Kingdom.[147]​[149]​ This maneuver, legal a few years after the construction of the property, makes the owners benefit at a private level from the sale of these properties built with public money, preventing administrations from having a permanent public stock of housing, putting them on the free market, at the mercy of the speculators.[149]​[150]​[147]​.

Law 12/2023, of May 24, for the right to housing, prepared by the coalition government of the PSOE and Unidas Podemos, chaired by Pedro Sánchez (PSOE), permanently prohibited the sale, at a free price, of officially protected housing on protected land. In some cases, with due justification from the autonomous community, they could be liberalized after 30 years. However, article 16, which indicated this, was annulled by the Constitutional Court "Constitutional Tribunal (Spain)") for having "an excessive level of detail", as the autonomous communities have exclusive jurisdiction over housing. public.[150]​ Likewise, the new law increases from 30%, required by the Land and Urban Rehabilitation Law,[152]​ to 40%, the percentage of land reserve dedicated to officially protected housing in newly developed land, and from 10% to 20% in existing neighborhoods.[150]​[20]​.

In December 2024, the Government of Pedro Sánchez (PSOE) announced the creation of a public housing company to build and manage public housing.[153]​[154]​ In this sense, in July 2025 the Government announced the transfer of 40,000 properties from Sareb to the Public Land Business Entity (SEPES), the seed of the new state housing company, which will become part of the public housing stock perpetuity and whose rent will be below the market price, without exceeding 30% of the tenants' income.[155]​[156]​.

The Census of Population and Housing of the National Institute of Statistics (INE) indicates that in Spain there are approximately 3.83 million homes that are empty throughout the country. This figure represents 14.4% of the total housing stock, which amounts to just over 26.62 million properties. Compared to the previous census, conducted in 2011, the number of empty homes has increased by more than 435,000 units. This represents an increase of 12.9% in just ten years. That is to say, there are more and more houses built that are not being used, either as a habitual residence or as housing for rent or temporary use.[50]​.

Empty homes are concentrated much more significantly in small towns, that is, in those municipalities that have less than 10,000 inhabitants. Although only 20.3% of the Spanish population lives in these towns, they are home to 45% of all empty homes in the country. This indicates that, proportionally, there are many more empty houses in rural or semi-rural areas than in large cities. The reasons may be related to depopulation, the aging of the population, or the migration of young people to larger cities in search of work and services.[50][157][158]​.

In large cities, those with more than 250,000 inhabitants, a similar percentage of the population lives, 23.8%, but they only contain 10.5% of empty homes. This suggests that in large cities, homes tend to be occupied, either by permanent residents or through the rental market. The greater demand for housing and the economic dynamism of these areas contribute to much greater turnover or use of properties.[50]​[157]​[158]​.

When analyzing cities with more than 200,000 inhabitants, those with the highest percentage of empty homes are Santa Cruz de Tenerife, with 17.3%, followed by Vigo, with 15.1%, La Coruña, with 14.7%, Las Palmas de Gran Canaria, with 14.3%, and Cartagena, with 13.3%. In contrast, in large cities, Barcelona has 9.3% of its homes empty, Valencia 8.8%, Seville 7.5%, Malaga 6.4%, Madrid 6.3% or Zaragoza 4.6%, with figures below the national average of 14.4%.[50][157][158]​.

In the context in which housing is increasingly used for speculative purposes, that is, as a form of investment rather than for residence, many people, even with jobs, have difficulties paying rent or accessing a mortgage. Faced with this situation, alternatives are emerging such as cooperative housing, which seeks to guarantee the right to affordable housing, without entering into the logic of real estate speculation.[159]​.

The model works in such a way that a group of people is organized into a cooperative, which is responsible for purchasing a building or constructing it. Those who want to live there make an initial contribution to the social capital, normally around 30% of the cost, and then pay a monthly fee that is usually lower than the rental or market purchase price, since what they pay is exclusively aimed at meeting the cost of the home, they save the economic benefits sought by construction companies and other real estate companies.[159]​.

In some cases, those of cooperatives in transfer of use, the property always remains in the hands of the cooperative, which prevents the apartments from ending up in the hands of vulture funds or speculators. If a person leaves, they recover the initial investment and their place is assigned to another family. If you die, the right is inherited by your children. Sometimes, this model promotes a more communal lifestyle, promoting somewhat smaller private homes, in exchange for having shared spaces such as laundry rooms, guest rooms, work rooms... with the idea of ​​recovering the sense of neighborhood and promoting the idea of ​​community.[159][160]​.

A key aspect is financing. These cooperatives mainly resort to ethical banking, such as FIARE Banca Ética, Coop57 or Triodos Bank, which not only grants loans, but also requires clear, non-profit ethical principles. However, one of the current problems is the high costs of land and construction, which sometimes mean that the initial contribution is high and not always accessible to everyone's budget.[159]​[161]​.

Catalonia is the region where this model has been most consolidated thanks to cooperatives such as Sostre Cívic and agreements with the public Administration. While some communities like Navarra offer support through the transfer of land, in other places the projects advance only with the efforts of the members. There are city councils that collaborate and others that directly ignore the model.[159]​[162]​.

From the mid-90s until the burst of the real estate bubble in 2008, Spain experienced an unprecedented construction boom, fueled by speculation. The 1998 land law, promoted by the Government of Jose María Aznar, allowed large areas of land to be reclassified as developable, which led to the artificial inflation of housing prices. The City Councils found a fundamental means of financing in the granting of building permits and reclassifications, which opened the door to bribes, favors and clientelism. Among the common practices was the reclassification of land, that is, converting rural land into developable land in exchange for commissions and public works awarded to companies close to politicians. Businessmen, politicians and municipal technicians acted in collusion.[163]​.

The Malaya case in Marbella (2006) was considered one of the largest urban corruption schemes in the recent history of Spain. It revealed bribery, embezzlement of public funds and money laundering at City Hall. This was dissolved and dozens of people were charged.[164]​.

Illegal squatting of homes in Spain has been the subject of intense public debate, although official data indicate that its incidence is limited. According to data from the Ministry of the Interior "Ministerio del Interior (Spain)"), in 2023, 15,289 cases of illegal occupation were registered, which represents approximately 0.06% of the 27 million existing homes in the country. Most of these occupations affect uninhabited homes, many of which belong to financial institutions or large holders, and not habitual residences.[165]​[166]​.

Certain media outlets and political parties have amplified the perception of squatting as a bigger problem than it really represents, thus diverting attention from more critical structural issues in the field of housing in Spain, such as the increase in prices, the lack of supply, the proliferation of tourist apartments and the concentration of properties in the hands of large holders.[167]​[168]​.

Journalists such as Ana Rosa Quintana or Susanna Griso have been criticized for giving excessive television space to news about illegal occupations and, in particular, to the company Desokupa, overstating the problem of housing squatting. interest.[171]​[172]​.

Desokupa, and its leader Daniel Esteve, have maintained a constant presence in the media and social networks, and argue to offer quick and effective solutions for owners who need to recover their properties legally and safely.[173]​[174]​ Some critics point out that their practices may be on the limits of legality, and their connection with far-right ideologies has been questioned, with its leader, Daniel Esteve, actively participating in the political debate in the media and networks. [175]​[176]​ From the political sphere, the Sumar coalition "Sumar (coalition)") requested the outlawing of Desokupa, arguing that it acts as a far-right vigilante group and represents a danger to democracy. The Minister of the Interior, Fernando Grande-Marlaska, described the members of Desokupa as "small-time thugs and pimps", pointing out that they have no place in the State security forces and bodies.[177]​[178]​.

This fear instilled by the media, although the incidence of squatting is low, makes the perception of risk high, and can drive, for example, the growth of the alarm and security systems market. According to INFORMA's DBK Sector Observatory, the number of active connections to alarm receiving centers in Spain exceeded 3 million in 2023, with an increase of 5.1% compared to the previous year. Furthermore, a 2021 survey by the European Union Fundamental Rights Agency (FRA) revealed that 42% of Spaniards consider squatting to be a major concern, despite actual cases being relatively low.[179][180][167]​.

Since 2010, cases of burglary and property theft in Spain have shown an upward trend, with a notable increase during the years of the 2008-2014 economic crisis "Spanish economic crisis (2008-2014)") and the COVID-19 pandemic. Between 2010 and 2014, the number of incidents grew significantly, reaching more than 10,000 cases in 2014, due to factors such as the real estate bubble and the economic crisis. Starting in 2015, the numbers stabilized around 10,000 cases annually, but in 2018-2021 there was a new boom, reaching its highest peak in 2021, with 17,274 cases, possibly related to the impact of the pandemic and the increase in empty homes. The Government, especially the Ministry of the Interior, usually asks not to raise alarm about squatting, since cases of trespass are few compared to cases of usurpation: trespass occurs with the occupation of an inhabited home, while usurpation refers to the occupation of an uninhabited property, and the Ministry of the Interior gives the data as a whole. In 2024, the three autonomous communities with the highest number of cases of burglary and usurpation of property are Catalonia, with 7,009 cases, Andalusia, 2,207 cases, and the Valencian Community, with 1,767 cases, with Catalonia standing out with a considerably higher figure than the others. On the other hand, the three territories with the lowest incidence are the autonomous cities of Melilla, with 11 cases, and Ceuta, with 14 cases, and the autonomous community of La Rioja, with 65 cases.[181]​[182][183]​.

In November 2024, the third Government of Pedro Sánchez approved Organic Law 1/2025, of January 2, on measures regarding the efficiency of the Public Justice Service, which, among other things, will allow expediting evictions in cases of squatting through the so-called "quick trials." As of April 2025, the date of entry into force, when a person files a complaint for trespass or usurpation of a home, the accused must appear before the judge within a maximum period of 15 days and the magistrate must issue a sentence within a period of three days. Trespass occurs with the occupation of an inhabited home, while usurpation refers to the occupation of an uninhabited property. In cases of trespass, the police can carry out the eviction within 48 hours if it is proven that the home is occupied without legitimate title.[184]​[185]​[186]​[187]​.

La arquitectura residencial en España se ha desarrollado durante siglos de manera diversa, con localismos fruto de su historia, clima y diferentes manifestaciones culturales regionales. Sin embargo, en las últimas décadas se ha ido imponiendo un estilo urbanístico mucho más homogéneo. Las zonas residenciales de extrarradio o barrios nuevos tienden a parecerse entre sí: edificios de bloques de apartamentos similares, calles rectas, urbanizaciones con las mismas tipologías de casas y centros comerciales estandarizados.[188]​.

• - Viviendas tradicionales en Madrid.

• - Arquitectura local en Sevilla.

• - Galerías de La Coruña.

• - Edificio art noveau en Valencia.

• - Arquitectura típica de Canarias.

• - Arquitectura cántabra.

Diversos autores han criticado que el crecimiento urbanístico acelerado del Desarrollismo durante el franquismo y de la burbuja inmobiliaria de los años 1990-2000 fomentó un modelo expansivo que priorizó la especulación del suelo y la construcción masiva sobre la calidad arquitectónica, la coherencia paisajística y la belleza urbana. Este proceso dio lugar a barrios anodinos, urbanizaciones descontextualizadas y un litoral densamente edificado, que muchos observadores califican de «feo» o poco atractivo.[189]​[190]​[191]​.

Uno de los referentes en este debate es el periodista Andrés Rubio, autor del ensayo España fea, donde denuncia una «fealdad endémica» fruto de la codicia, la especulación inmobiliaria y la corrupción urbanística en España. Rubio sostiene que en España no ha existido un esfuerzo sistemático por armonizar el patrimonio heredado con la modernidad, a diferencia de otros países europeos, y que se ha producido una «liquidación» de la arquitectura vernácula. Su visión ha encontrado eco en otros autores que señalan cómo barrios construidos en las décadas de 1960 y 1970, o los desarrollos periféricos recientes, carecen de criterios estéticos, dando lugar a un paisaje urbano repetitivo, monótono y a menudo degradado.[192]​[193]​.

• - Patrones de bloques de viviendas estándar de las últimas décadas en España.

• - Bloques cebra en Berriozar (Navarra), patrón típico de principios del siglo.

• - Bloques de ladrillo visto, en el barrio El Carrascal de Leganés, ciudad dormitorio situada al sur de Madrid, patrón típico de finales del siglo.

• - Bloques de ladrillo visto, con toldos verdes, en Sanse (Madrid), patrón típico de mediados del siglo.

Zebra buildings

Those popularly known as zebra buildings are a phenomenon of urban development that has been occurring exclusively in Spain since the beginning of the century, characterized by the construction of identical housing blocks, with facades of black and white stripes, which visually resemble the stripes of a zebra, and which are the object of criticism because they copy the same standardized model in all cities, sacrificing the local architectural, cultural and climatic identity, which results in homogeneous cities, without personality. It has been classified as a kind of constructive fast-food franchise, a design that is perceived as modern, that is fast, attractive and with minimal cost. Prior to this pattern, a pattern of similar buildings was followed, made of exposed brick, criticized for the same reasons, where green awnings are very present.[194]​[195]​[196]​.

Ugliness

The phenomenon of "ugliness (Galician architecture)" has even become a culturally established term, especially in Galicia, to describe constructions that, due to their lack of integration into the environment and their aesthetic precariousness, generate a dissonant urban environment. At a popular level, there is a common opinion that many Spanish cities are only attractive in their historic centers, while when moving away from these areas, uniform buildings, made of exposed brick or dull tones, predominate, perceived as unpleasant.[197]​[198][199]​.

However, there are notable examples of planning and aesthetic care, such as the urban transformation of Barcelona at the end of the century, the development of high-rise urbanism in Benidorm, the preservation of historic centers in cities such as Santiago de Compostela or the architectural vitality of certain towns that have known how to integrate tradition and modernity.[189]​.

• - Wikimedia Commons hosts a multimedia category on Housing in Spain.

Entre 2001 y 2024, el parque total de viviendas en España creció de 21,03 millones a 27,00 millones, lo que supone un aumento cercano a los 6 millones de unidades (+28,4 %). Este incremento no ha sido lineal: durante los primeros años, especialmente hasta 2010, el crecimiento fue más acelerado, coincidiendo con la expansión inmobiliaria previa a la crisis financiera de la Gran Recesión de 2008-2014. Entre 2011 y 2015 se observa una ralentización, seguida de una recuperación moderada a partir de 2016.[1]​.

Las viviendas principales pasaron de 14,18 millones en 2001 a 19,28 millones en 2024, lo que representa un incremento de 5,09 millones (+35,9 %). Este aumento ha sido relativamente constante, aunque con una ligera desaceleración en los años posteriores a 2011. En términos relativos, el peso de las viviendas principales en el total ha crecido del 67,4 % en 2001 al 71,4 % en 2024, lo que refleja una tendencia hacia un uso más residencial del parque de viviendas, pues las viviendas no principales —aquellas destinadas a segunda residencia, uso temporal o desocupadas— pasaron de 6,85 millones en 2001 (32,6 % del total) a 7,73 millones en 2024 (28,6 % del total), con un crecimiento mucho más moderado (+12,9 %).[1]​.

Antique

According to a report from the National Federation of Real Estate Associations (FAI) published in August 2023, the average age of the used housing stock in Spain is 43.5 years. The study, based on information from around 1,200 real estate agencies, shows that many used homes in Spain have deficiencies related mainly to their age and design. About 32% lack an elevator, which makes mobility in tall buildings difficult. Around 25% have little outdoor space, such as balconies or terraces. Almost 24% do not have adequate thermal insulation, affecting comfort and energy consumption. About 19% lack access ramps, limiting accessibility for people with reduced mobility. These figures reflect the need for rehabilitation and adaptation of a large part of the housing stock to improve its functionality, accessibility and efficiency.[22]​[23]​.

Housing before 1960 represents less than 15% of the total. The vast majority of homes, 95% of the total, were built before 2009, concentrating especially between 1960 and 2009, a period in which nearly 67% of the total was generated, with peaks in the 1970s (18.4%) and 2000s (21.5%), the latter coinciding with the real estate boom and bubble in Spain. Since 2010, growth has been very limited, with only 3.9% between 2010 and 2019 and less than 1% since 2020, due to the absorption of excess stock, shortages of land and labor, long administrative procedures and financing restrictions for developers. The age of the homes thus shows that the Spanish residential park is mainly composed of buildings built in the second half of the century and the first decade of the century.[24]​.

Typology

According to Eurostat, Spain, in 2022, is the country where the most people live in apartments, 65.6% of the population, compared to 34.2% who live in single-family homes, this phenomenon being especially urban, while in rural areas houses predominate (77.3%). Living in apartments reflects the concentration in cities and the distribution of the population according to the type of housing.[25]​[26]​.

Equipment

In 2021 (INE), 99.85% of homes in Spain have access to running water, 99.76% have a toilet and 99.52% have a bathroom/shower.[27]​.

According to the Rental Observatory, 8.5 million people suffer residential exclusion in Spain, which represents almost 18% of the population. Of them, between 28,500 and 42,000 live directly on the streets or in shelters, while 3.7 million live in unsafe housing, under threat of eviction or without stability of tenure, and 4.8 million reside in inadequate homes, with habitability problems, slums or overcrowding, the latter being the most widespread case and affecting 4.1 million people, 8.7% of the population. population.[28][29]​.

According to the Survey of Essential Characteristics of the Population and Housing, published by the INE in 2021, the washing machine is the most common appliance, present in 98.9% of homes, and the dryer is the least common, present in only 26.3% of homes.[30]​.

In 2013, the Government of Mariano Rajoy approved royal decree 235/2013, of April 5,[31]​ later updated by royal decree 390/2021, which established the obligation to make available to buyers or tenants an Energy Efficiency Certificate (CEE) for homes, at the time of their sale or rental.[32]​.

An Energy Efficiency Certificate (CEE) is an official document to inform the buyer or tenant of the energy consumption of a building, home or premises, that is, how much the electricity/gas bill will cost. This must contain the energy label, from A (very efficient, lower consumption) to G (very inefficient, higher consumption), the estimated annual energy consumption in kWh/m², CO₂ emissions associated with energy consumption, technical characteristics of the property, such as thermal insulation, carpentry (windows, doors) and heating, cooling and DHW (domestic hot water) systems and recommendations for improvement to increase efficiency and reduce consumption, such as changing windows, insulating the walls, changing the boiler, etc.[33]​.

According to data from the Institute for Energy Diversification and Saving (IDAE), more than 80% of buildings and homes in Spain receive an energy rating E, F or G, which indicates energy inefficiency.[34]​ In 2024, the majority of homes have an energy rating E (70.7%), followed by categories F, G and D (23.7% in total). Only 5.6% correspond to the most efficient (A, B and C).[24]​ Until the end of 2021, a total of 5,978,358 energy efficiency certificates had been registered in buildings.[35]​ The European Commission has established that all homes must have at least an energy efficiency certificate E in 2030 and D in 2033.[34]​.

A one-letter improvement in energy efficiency can increase housing prices by 1.3% on average and up to 4% in some regions.[36][37][38]​.

The Next Generation EU European funds, through the Recovery, Transformation and Resilience Plan of the Government of Spain, finance actions to improve the energy efficiency of buildings. The P4 Program subsidizes up to 40% of the cost of improvements in individual homes (up to €3,000). The P3 Program finances interventions at the building level with subsidies of 40–80% depending on the energy savings achieved.[39]​.

There are different official organizations that are responsible for publishing data on the evolution of the Spanish real estate market.

The Cadastre is an administrative registry with mandatory and free registration, dependent on the Ministry of Finance, which includes the description of rural, urban and special characteristics real estate, through physical, economic and legal data: location, cadastral reference, surface area, use, year of construction, graphic representation of the plot, cadastral value, reference value and ownership, among others, except in the Basque Country and Navarra. Your data is updated when there are sales, inheritances, new constructions or renovations. Each property is assigned a cadastral value, which serves as the basis for various taxes, such as the Real Estate Tax (IBI), the Personal Income Tax (IRPF) in some cases, or the Property Transfer Tax (ITP). Citizens can consult the cadastral information of their assets at the Cadastre's electronic headquarters. Some of the information is public (cadastral reference, location, surface), but other data (owners, cadastral value) are protected and can only be seen by the owner or authorized persons.[21]​[46]​.

The Property Registry "Property Registry (Spain)") is a public institution of the Ministry of Justice "Ministry of Justice (Spain)") whose function is to provide legal certainty about who is the owner of a property and what rights or burdens fall on it, making it a key tool in sales, mortgages, embargoes, usufructs, inheritances, easements, etc. Although registration is voluntary, doing so offers strong protection: whoever appears registered is presumed to be the owner. Unlike the Cadastre, which describes the property for tax purposes, the Registry has legal and evidentiary effects.[47]​[48]​.

The Ministry of Housing and Urban Agenda, formerly the Ministry of Development or Transport,

reports the Housing and Land Observatory and the Urban Vulnerability Observatory, as well as statistical information on protected housing, housing stock, real estate transactions, urban land prices, vacant housing, new housing stock or appraised value.[49]​.

The National Institute of Statistics "National Institute of Statistics (Spain)") prepares the Census of Population and Housing,[50]​ the Statistics of Transfers of Property Rights (ETDP),[51]​ the Housing Price Index (IPV),[52]​ the Rental Housing Price Index (IPVA),[53]​ the Survey of Housing Conditions Life (ECV),[54]​ the Reference Index for the Update of Housing Leases (IRAV)[55]​ or the Survey of Essential Characteristics of the Population and Housing (ECEPOV),[30]​ among others.[56]​.

The College of Registrars of Spain publishes the Real Estate Registry Statistics (ERI), on a quarterly and annual basis, with data on sales, mortgage loans, repeat sales price index, mortgage defaults, etc.[57]​.

The Bank of Spain offers data on prices and sales, financing received for the purchase and construction of housing and its conditions, demographics, the Spanish labor market, accessibility to purchasing housing, statistics on housing production and the existing housing stock, etc.[58]​.

The Valuation Society publishes the New Housing Census[59]​ and the New Housing Price Index,[60]​ and belongs to the panel of housing prices in Spain, a repository that brings together data from various public and private sources.[61]​.

Other unofficial organizations periodically publish data and statistics on the evolution of the real estate market in terms of prices, as well as legislation or equipment, such as the Idealista real estate portal.

Durante el ciclo expansivo previo a la crisis financiera de 2008 "Crisis económica española (2008-2014)"), el mercado inmobiliario español alcanzó niveles históricos. En 2007 se registraban habitualmente más de 80 000 compraventas mensuales de vivienda libre, tanto nueva como usada, un volumen extraordinario que reflejaba tanto la fuerte demanda como la facilidad de acceso al crédito hipotecario. La vivienda nueva tenía un peso muy importante en aquel momento, fruto del bum de la construcción durante la burbuja inmobiliaria en España.[51]​.

Con la crisis de 2008 y la posterior recesión, se produjo un desplome abrupto de las compraventas. Entre 2008 y 2013, las compraventas cayeron a mínimos históricos, con meses en los que apenas se registraban unas 20 000–25 000 operaciones de vivienda libre, menos de la tercera parte del nivel alcanzado en la etapa expansiva. La vivienda nueva fue la más castigada: las promociones iniciadas en los años anteriores quedaron sin absorber y la demanda se concentró cada vez más en vivienda usada. En paralelo, la vivienda protegida perdió peso en el mercado, mostrando un descenso más acusado y prolongado.[51]​.

A partir de 2014 se inició una recuperación paulatina, acompañada por un cambio estructural: la vivienda usada comenzó a dominar claramente el mercado, desplazando a la vivienda nueva. Mientras que antes de la crisis ambas modalidades estaban más equilibradas, desde mediados de la década de 2010 la vivienda usada pasó a representar alrededor del 75–80 % de las operaciones. Esta recuperación coincidió con la progresiva mejora del empleo, la mayor confianza económica y unos tipos de interés históricamente bajos, lo que reactivó la demanda.[51]​.

La llegada de la pandemia de COVID-19 en España en 2020 supuso un paréntesis en esa recuperación. Durante los meses de confinamiento por la pandemia de COVID-19 en España (abril y mayo de 2020) el mercado prácticamente se paralizó, con niveles muy bajos de transacciones. Sin embargo, el rebote fue rápido: a partir de la segunda mitad de 2020 y sobre todo en 2021 y 2022, se produjo un repunte muy fuerte.[51]​.

En los años más recientes (2023–2025), aunque las cifras están lejos de los máximos de 2007, las compraventas se mantienen en torno a las 50 000–60 000 mensuales de vivienda libre, tanto nueva como usada. La vivienda usada sigue marcando la pauta, con cuatro de cada cinco operaciones, mientras que la vivienda nueva no llega a las 15 000 operaciones en 2025, frente a las más de 30 000 que se registraban en 2007.[51]​.

Prices

The price of housing in Spain has historically maintained a certain stability in relation to family income - or disposable income - except in the so-called real estate bubbles or real estate crises; periods in which prices suffered disproportionate increases: real estate bubble from 1986 to 1992 - which affected prices but not so much the volume built - and above all the real estate bubble from 1997 to 2007, or the Spanish real estate crisis from 2022-2025.[3]​ In June 2007, the maximum peak in housing prices was reached. After six years, in June 2013, housing had dropped by 35%.[63][64][65][66]​.

Between 2007 and 2025, new housing prices in Spain increased by 59%, while second-hand housing prices barely grew by 1.5%. During the 2008-2014 crisis "Spanish economic crisis (2008-2014)") both fell sharply, new housing by -29% and used housing by -41%. Recovery began in 2014. In 2025, new housing doubled in value compared to 2014, used housing increased by 75%. Before the crisis, second hand was more expensive, but after the recovery new construction leads the prices.[52]​.

According to the Bank of Spain, in 2024, households will allocate more than 39% of their gross annual salary to mortgage payments, the highest level in 12 years. In historical comparison, the current effort is less than in the worst moments, such as in 1990-1991, when families needed more than 70% of their income, or in 2008, with almost 55%. However, it is still much higher than in 1999, when 25% was sufficient. In terms of years of salary necessary to acquire a typical home, Spanish households need at least seven and a half years of accumulated gross salary in 2024, although the record was set in 2007 with more than nine years.[67][68]​.

En 2024, el 20,4 % de los hogares en España vivía de alquiler, lo que constituye un récord histórico. En 2005, eran el 13 %.[54]​ Aunque la mayoría de la población sigue siendo propietaria, cada vez más familias optan por alquilar porque comprar una vivienda resulta demasiado caro. Las comunidades con más viviendas en alquiler son Baleares, Cataluña y Madrid, mientras que en Castilla y León, Cantabria y País Vasco predomina la compra. Además, las subidas de los alquileres están limitadas al 2,19 % en contratos firmados después de mayo de 2023.[69]​[70]​[71]​.

El aumento del alquiler afecta sobre todo a personas de entre 30 y 44 años, que tradicionalmente compraban su primera casa. Para muchos, pagar una renta elevada impide ahorrar y genera dificultades económicas. Los jóvenes son los más golpeados: solo el 14,8 % se ha emancipado, la tasa más baja en la historia. Un sueldo medio no alcanza para pagar un alquiler en solitario, lo que retrasa su independencia.[69]​[72]​.

Los contratos de alquiler de viviendas están regulados principalmente por la Ley de Arrendamientos Urbanos (LAU). Esta establece que la duración del arrendamiento se pacta libremente entre las partes, pero si el contrato inicial es por un plazo inferior a 5 años (7 años si el arrendador es persona jurídica), se prorrogará anualmente hasta alcanzar esa duración mínima legal.[73]​.

El Banco de España ha identificado una problemática creciente en el mercado de alquiler español: el sobreesfuerzo económico que enfrentan los hogares arrendatarios. Este fenómeno se define cuando una familia destina más del 40 % de su renta bruta disponible al pago de la vivienda, incluyendo alquiler y suministros básicos. Casi cuatro de cada diez hogares en alquiler se encuentran en esta situación, una proporción que supera con creces a países como Italia (28 %), Francia o Alemania (17,5 %) durante el período 2015-2023.[74]​.

Decenas de miles de personas protestaron en Madrid el 14 de octubre de 2024 bajo el lema Se acabó: bajemos los alquileres contra el alto precio de las viviendas y los alquileres. En el manifiesto, leído por el actor Juan Diego Botto se indicó: «Este modelo promueve el expolio público mediante operaciones especulativas y antisociales, como las de Chamartín y Campamento "Campamento (Madrid)")" [...] Exigimos la ampliación y la aplicación de la ley estatal de vivienda, con especial importancia en la imposición de precios máximos en el alquiler. La recuperación de los contratos de alquiler indefinidos. El impulso de un plan estatal de vivienda pública. El Gobierno, además, debe adoptar medidas para que la Comunidad de Madrid cumpla la ley».[75]​ El 19 de octubre decenas de miles de personas protestaron en la ciudad de Valencia bajo el lema València s'ofega (en español: ) para reclamar topar los precios de los alquileres tal y como posibilita la ley estatal de Vivienda y prohibir los apartamentos turísticos. Portavoces de València no está en venda indicaron: «Están cargándose Valencia. Están vendiendo toda la ciudad a fondos especuladores y queremos una ciudad para su vecindario [...] Nos están expulsando de la ciudad. La gente se tiene que ir a vivir a los pueblos cercanos, donde también está subiendo el precio de la vivienda».[76]​.

Between 2011 and 2023, housing rental prices in Spain show a general upward trend, both for single-family homes and for collective homes, that is, room rentals. During the first years, from 2011 to 2015, prices showed a slight drop as a consequence of the economic crisis. Starting in 2016, a sustained increase in rental prices has been observed. The rental price of single-family homes increases by 15%. In the case of the price of collective housing, the increase has been more pronounced, with an increase of more than 19% in that period.[53]​.

According to data from Fotocasa and InfoJobs, in 2024, Spaniards had to dedicate on average 47% of their gross salary to paying rent, an increase compared to 43% the previous year. This figure far exceeds the 30% threshold that financial organizations consider sustainable. In communities such as Madrid and Catalonia, the situation is even more extreme, reaching 71% and 64% respectively. The main cause is that rents have risen much faster (14% annually) than salaries (3.1%). Sharing a flat is a more affordable alternative, although it is not free of economic pressure either. In 2024, those who rented a room had to allocate an average of 23% of their salary to this expense, compared to 21% in 2023. Even so, in communities like Catalonia, this effort reaches up to 28%, which shows that even the option of sharing housing becomes progressively more expensive.[78][79][80]​.

In 2019, the Government of Pedro Sánchez increased the extension of rental contracts from 3 to 5 years, which prevents increases in the rental price from being applied for 5 years, except those that are specified in the contracts according to the consumer price index (CPI) or other indices.[81]​ As a consequence of the Russian invasion of Ukraine in 2022, inflation shot up to 10%, so the Government capped the maximum percentage at 2%. a landlord could apply to the rental price to the tenant.[82] This limit was increased to 3% in 2024. Starting in 2025, the law for the right to housing establishes for contracts signed as of May 26, 2023 a Reference Index for the Update of Housing Leases (IRAV), instead of the CPI. Thus, in 2025, the maximum increase allowed according to the IRAV is 2.20%. For previous contracts, the update systems previously agreed between the parties are maintained, such as the CPI or other agreed indices.[83]​.

The IRAV also serves as a reference to establish limits on rental prices in stressed residential market areas, where rental prices have experienced significant increases. In order to encounter them, the autonomous community has to declare a certain one as stressed. Catalonia was a pioneer in the application of this legal figure. In July 2025, 271 municipalities have been declared as stressed areas, including the four provincial capitals, Barcelona, ​​Gerona, Lérida and Tarragona, coastal municipalities such as Lloret de Mar, Sitges and Salou, and other municipalities in metropolitan areas and in the interior of the community with high demand for housing. In August 2025, in the Basque Country, San Sebastián, Galdácano, Baracaldo, Irún, Zumaya, Lasarte-Oria and Rentería have been declared stressed areas. Navarra has declared 21 municipalities as stressed areas, covering almost 70% of the community's population. In Galicia, only La Coruña has been declared a stressed zone, becoming the first Galician city to adopt this measure.[84]​[85]​[86]​ At a general level, the autonomous communities governed by the Popular Party (PP) have shown a position contrary to the application of stressed residential market zones that allow limiting rent increases and offering tax incentives to owners who reduce prices.[87]​[88]​[89]​.

Collective housing

Traditionally, the room rental market has been closely associated with students, but following the COVID-19 pandemic, the economic situation and lack of affordable housing have pushed a broader group of the population, including older adults, to choose to live in rooms instead of renting entire homes.[90][91]​.

The profile of room seekers continues to be predominantly young, with 73% of those interested in the range of 18 to 34 years old. However, the percentage of adults aged 45 to 54 seeking to share a flat has also grown. The majority of tenants are women (68%), and a large percentage are single (70%).[92][93]​.

In 2025, the average price of a room in Spain is 420 euros, with cities such as Barcelona and Madrid reaching higher prices (600 and 550 euros respectively).[94]​.

Tourist homes

In November 2024, the INE "National Statistics Institute (Spain)") registered 368,295 homes for tourist use (VUT) in Spain, which represents around 1.38% of the total housing stock[95]​ and 10% of the rental real estate market.[96]​ However, these data vary substantially in areas with greater tourist attraction. In the central district of Madrid "Centro (Madrid)"), almost 1 in 4 rental properties is intended for tourists, that is, tourist rentals represent 24% of the total rentals.[97]​ In Málaga, this percentage reaches close to 21%, and, in San Sebastián, it is around 11%.[98]​ This concentration generates strong pressure on the supply of rental housing available for tourists. residents.[99][100]​.

In 2024, according to Eurostat, Spain was, with 170 million overnight stays, the second country in the European Union with the highest number of tourist accommodation reservations through platforms such as Airbnb, Booking.com or Expedia, which represents 20% more than in 2023, with Andalusia and the Canary Islands leading the ranking of the European regions with the highest number of overnight stays, 8.7 and 7.2 million nights, respectively, and with Catalonia, the Valencian Community and Madrid also in the top 20.[101]​[102]​.

While the average profitability of residential rentals is around 3.9%, in tourism it can reach 7% and even exceed 10-13% in locations with greater tourist attraction. In practice, renting by the day or week to tourists can be up to 60% more profitable than renting to long-term tenants. This causes many owners to choose to convert their rental homes to tourist use, reducing the supply of residential rentals. In the six cities with the greatest tourist attraction—Madrid, Barcelona, ​​Seville, Málaga, Valencia and San Sebastián—it is estimated that in the last decade tourist rentals have subtracted 6% of the residential stock, equivalent to more than 60,000 homes.[103]​[104]​[105]​[106]​[107]​[108]​.

Recent studies show that in neighborhoods where tourist housing exceeds 10% of the total, rents have risen between 31% and 33%, with increases of around €3.29/m² for every additional 10% of tourist presence. This increase in prices not only impacts those looking to rent, but also generates gentrification, that is, the expulsion of lower-income neighbors, the loss of traditional commerce and the transformation of the social fabric. According to the OCU, 85% of those surveyed believe that tourist rentals influence the increase in prices and 74% believe that it does so decisively.[109]​[110][111]​.

The political response of municipal administrations in this regard is beginning to materialize, but in an uneven manner. Málaga has approved a three-year moratorium on granting new licenses for tourist homes.[112]​ Barcelona has announced that it will eliminate all tourist apartments in 2029 to recover some 10,000 homes for residential use.[113]​.

Of the 368,295 tourist homes registered by the INE in November 2024, it is estimated that approximately 38% of these homes do not show a license number in their advertisement — and in communities such as Madrid or Valencia, that proportion rises to 70% — which means that the vast majority operate outside the law or without formal authorization. The INE statistics are compiled from vacation rental platforms and regional registries, so that all homes offered as tourist properties are included in the count, regardless of their legal status.[95]​[114]​.

La especulación inmobiliaria consiste en adquirir propiedades no para residir en ellas, sino con el objetivo de obtener beneficios económicos mediante su revalorización o alquiler. Esta práctica eleva artificialmente los precios de la vivienda, dificultando el acceso a la misma para muchos ciudadanos.

Grandes fondos de inversión, especialmente estadounidenses, adquirien activos inmobiliarios en España para ello. Por ejemplo, CBRE Group y Cross Ocean Partners han invertido conjuntamente 450 millones de euros en la promotora Vía Célere, especializada en el desarrollo de viviendas en Madrid. Blackstone Inc. se ha convertido en el segundo propietario privado de vivienda de España.[120]​[121]​[122]​[123]​.

Empresas emergentes como Inversiva están revolucionando el sector mediante el modelo de house flipping, que consiste en comprar, reformar y alquilar propiedades. Inversiva, respaldada por Juan Roig, dueño de Mercadona, gestiona más de 600 inmuebles en ciudades como Madrid, Valencia y Alicante, y ha recaudado 1,9 millones de euros en rondas de inversión.[124]​ También otras empresas realizan lo que se denomina rent-to-rent, es decir, alquilar una propiedad para subarrendarla a terceros.[125]​.

Cada vez más pequeños inversores se sumergen en el mercado inmobiliario a través de plataformas de crowdfunding como Urbanitae, que permiten invertir en proyectos inmobiliarios con aportaciones desde 25 000 euros. Estas plataformas ofrecen una rentabilidad media del 7,3 % en 2025.[126]​.

Segín Comisiones Obreras, la rentabilidad bruta anual de la vivienda se situó en un 12,9 % a cierre de 2024, superando con creces la de productos de bajo riesgo como los depósitos a plazo fijo.[127]​ Según Idealista, la rentabilidad bruta de la compra de una vivienda para ponerla en el mercado de alquiler se ha mantenido estable en el 7,3 % durante el primer trimestre de 2025.[126]​.

Murcia encabeza el ranking de ciudades con una rentabilidad bruta que ronda el 6,5 % en 2025, gracias a precios de compra todavía asequibles y una demanda creciente de alquiler. Gandía presenta rentabilidades superiores al 10 %, impulsadas por el turismo y la demanda estacional.[128]​[129]​.

Según el Estudio del Perfil Comprador 2025 en las Agencias Inmobiliarias de la Federación Nacional de Asociaciones Inmobiliarias (FAI), el 42 % de las viviendas en España se adquieren como inversión (24 %) o como segunda residencia (18 %). Entre enero y marzo de 2025, el 34,5 % de las viviendas en España se compraron al contado, es decir, sin hipoteca, una cifra no vista desde 2014. Este fenómeno se debe en parte a los inversores, que adquieren inmuebles no para vivir en ellos, sino para obtener rentabilidad mediante el alquiler o la reventa.[130]​[131]​[132]​.

Vulture Funds

Since the Spanish real estate crisis of 2008-2014, large investment firms—especially American—have come to control a substantial part of the rental stock in Spain, with a special concentration in Madrid capital. Blackstone Inc., the largest private equity fund in the world, has become the largest private homeowner in the capital and the second in Spain as a whole. It has about 13,000 homes in Madrid and about 19,600 throughout Spain. Around 185,000 rental homes will be in the hands of large corporations in 2025, approximately half of them controlled by companies based in the United States.[122]​[133]​.

This change of hands occurs in a context of strong tension in the housing market. In a decade, since 2015, rents have risen by around 57% and purchase prices by 47%, while the housing stock has not grown at the pace of demand. The combination of a shortage of affordable supply, investment pressure and the scarce public housing stock has aggravated residential vulnerability.[122]​.

The way in which the vulture funds entered with such force stems from the real estate explosion of 2008 and the debt crisis in the eurozone, the State and the City Councils, which sold assets to clean up their accounts. At the same time, banks also got rid of large portfolios of homes with mortgages in default. Blackstone Inc., Cerberus Capital Management, Goldman Sachs and Lone Star bought about 400,000 homes nationwide. Blackstone operates in Spain through at least 27 subsidiaries and investment vehicles that use different models: acquisition of homes foreclosed upon non-payment, purchase of entire developments for rental use - sometimes short-term - and acquisition of public housing which, once privatized, becomes governed by profitability criteria like the rest of the housing stock.[122]​[134]​.

A turning point was 2013, when Madrid City Council sold 5,000 public housing units to American funds such as Goldman Sachs. Blackstone Inc. acquired 1,860 apartments for 128.5 million euros, equivalent to about 69,500 euros per apartment. A subsequent judicial audit concluded that those sales were made below the market price. The then mayor, Ana Botella, and other officials were fined 26 million euros for mismanagement, a fine later revoked upon appeal. In 2025, the Goldman Sachs case is still in court, although its application is complex because many homes have already been resold. These policies have favored the consolidation of large holders and the intensification of real estate speculation.[122][135][136][137]​.

The Spanish mortgage architecture has historically offered few safeguards for debtors in trouble: in numerous cases, there was no dación en pago ("Dación en pago (Spain)"), that is, if the tenant could not pay for the home, he had to continue paying for it even though the bank had taken it. To alleviate the most acute effects, the Government of Pedro Sánchez established a moratorium on evictions due to non-payment for "vulnerable" households until 2028, although this vulnerability is evaluated on a case-by-case basis. Also, in 2025, it has proposed a 100% tax for non-EU buyers, a measure that, if approved, would not affect multinationals that operate through local companies, as these funds do.[122]​[138]​.

Blackstone claims to fully comply with the inherited contracts, maintains that prices are determined by the legal framework and the market - not the company - and emphasizes that its share of the total park is less than 0.12% to argue that it cannot move the price on its own. He adds that he has invested around 180 million euros in renovating the homes and that the real problem is the lack of new housing.[122]​.

Tenant groups report sharp increases in rental prices when their homes are purchased with these funds and report that there are empty apartments in buildings that belong to them. Blackstone denies deliberately keeping homes unoccupied and attributes this to periods between contracts or improvement work.[122]

In Barcelona, ​​Blackstone's assets are around 2,500 homes. Barcelona City Council has promoted measures such as the power of trial and withdrawal (matching offers to keep buildings and use them for public rental) and the announcement of the gradual elimination of short-term tourist rentals by 2029, with the aim of returning units to the traditional residential market. These initiatives seek to moderate pressure on supply and prioritize permanent housing use.[122]​[139]​[140]​.

A study carried out by the European Union shows that 51 million young Europeans continue to live at home with their parents, despite being of legal age and of working age. In Spain, the economic situation and the labor market have meant that many young people do not decide to take the step to "leave the nest." One of the main reasons for continuing to stay in the parents' home is the possibility of avoiding certain fixed expenses that they are not always sure of being able to afford. The average age at which men become independent is greater than the age at which women become independent.[141]​[4]​[142]​.

• - More than a third of young Spaniards (between 25 and 35 years old) live at home with their parents. 19.6% of women choose to stay at their parents' home compared to 32% of men.[141]​.

• - European statistics also reflect that women feel that they want to live as a couple before they do. Almost half of women have made this decision between the ages of 18 and 35 (47%), compared to 32% of men.[141]​.

In 2021, the Second Government of Pedro Sánchez created the Young Rental Bonus, financial aid aimed at young people between 18 and 35 years old with incomes of less than 21,600 euros gross per year, equivalent to three times the IPREM, to facilitate their access to housing. This subsidy offers 250 euros per month for a maximum of two years, which is equivalent to 6,000 euros in total. Aid is available in all the autonomous communities of Spain, except in the Basque Country and Navarra, which manage their own programs due to their regional regime.[143]​.

Historically, subsidized housing has been one of the most common ways of accessing housing for both the most disadvantaged sectors and senior ministry officials. The State Housing and Rehabilitation Plan 2009-2012[144]​ generically established the guarantees and ways of exercising the right to housing included in the Spanish Constitution:

Said plan considers beneficiaries with the right to preferential protection to be family units with income that does not exceed two and a half times the Multiple Effects Public Income Indicator (IPREM):.

In 2013, Law 4/2013, of June 4, on measures to flexibilize and promote the housing rental market, was approved.[145]​ Among others, the European research project TENLAW contributed to this law, standing out as one of its social impacts.[146]​.

In 1985, 65% of the total number of homes built in Spain were officially protected. In 2023, they accounted for only 10%.[147][148]​.

According to a report by the Workers' Commissions, published in 2024, if the social housing built had not been liberalized in the last 4 decades, allowing individuals to sell them at a free price, Spain would have 4.7 million homes at a social price, instead of around the 300,000 that the union estimates exist in 2024, which represents only 2.5% of homes, compared to the 9.3% on average in the countries of the European Union, far from the 20% that exists in Denmark or the United Kingdom.[147]​[149]​ This maneuver, legal a few years after the construction of the property, makes the owners benefit at a private level from the sale of these properties built with public money, preventing administrations from having a permanent public stock of housing, putting them on the free market, at the mercy of the speculators.[149]​[150]​[147]​.

Law 12/2023, of May 24, for the right to housing, prepared by the coalition government of the PSOE and Unidas Podemos, chaired by Pedro Sánchez (PSOE), permanently prohibited the sale, at a free price, of officially protected housing on protected land. In some cases, with due justification from the autonomous community, they could be liberalized after 30 years. However, article 16, which indicated this, was annulled by the Constitutional Court "Constitutional Tribunal (Spain)") for having "an excessive level of detail", as the autonomous communities have exclusive jurisdiction over housing. public.[150]​ Likewise, the new law increases from 30%, required by the Land and Urban Rehabilitation Law,[152]​ to 40%, the percentage of land reserve dedicated to officially protected housing in newly developed land, and from 10% to 20% in existing neighborhoods.[150]​[20]​.

In December 2024, the Government of Pedro Sánchez (PSOE) announced the creation of a public housing company to build and manage public housing.[153]​[154]​ In this sense, in July 2025 the Government announced the transfer of 40,000 properties from Sareb to the Public Land Business Entity (SEPES), the seed of the new state housing company, which will become part of the public housing stock perpetuity and whose rent will be below the market price, without exceeding 30% of the tenants' income.[155]​[156]​.

The Census of Population and Housing of the National Institute of Statistics (INE) indicates that in Spain there are approximately 3.83 million homes that are empty throughout the country. This figure represents 14.4% of the total housing stock, which amounts to just over 26.62 million properties. Compared to the previous census, conducted in 2011, the number of empty homes has increased by more than 435,000 units. This represents an increase of 12.9% in just ten years. That is to say, there are more and more houses built that are not being used, either as a habitual residence or as housing for rent or temporary use.[50]​.

Empty homes are concentrated much more significantly in small towns, that is, in those municipalities that have less than 10,000 inhabitants. Although only 20.3% of the Spanish population lives in these towns, they are home to 45% of all empty homes in the country. This indicates that, proportionally, there are many more empty houses in rural or semi-rural areas than in large cities. The reasons may be related to depopulation, the aging of the population, or the migration of young people to larger cities in search of work and services.[50][157][158]​.

In large cities, those with more than 250,000 inhabitants, a similar percentage of the population lives, 23.8%, but they only contain 10.5% of empty homes. This suggests that in large cities, homes tend to be occupied, either by permanent residents or through the rental market. The greater demand for housing and the economic dynamism of these areas contribute to much greater turnover or use of properties.[50]​[157]​[158]​.

When analyzing cities with more than 200,000 inhabitants, those with the highest percentage of empty homes are Santa Cruz de Tenerife, with 17.3%, followed by Vigo, with 15.1%, La Coruña, with 14.7%, Las Palmas de Gran Canaria, with 14.3%, and Cartagena, with 13.3%. In contrast, in large cities, Barcelona has 9.3% of its homes empty, Valencia 8.8%, Seville 7.5%, Malaga 6.4%, Madrid 6.3% or Zaragoza 4.6%, with figures below the national average of 14.4%.[50][157][158]​.

In the context in which housing is increasingly used for speculative purposes, that is, as a form of investment rather than for residence, many people, even with jobs, have difficulties paying rent or accessing a mortgage. Faced with this situation, alternatives are emerging such as cooperative housing, which seeks to guarantee the right to affordable housing, without entering into the logic of real estate speculation.[159]​.

The model works in such a way that a group of people is organized into a cooperative, which is responsible for purchasing a building or constructing it. Those who want to live there make an initial contribution to the social capital, normally around 30% of the cost, and then pay a monthly fee that is usually lower than the rental or market purchase price, since what they pay is exclusively aimed at meeting the cost of the home, they save the economic benefits sought by construction companies and other real estate companies.[159]​.

In some cases, those of cooperatives in transfer of use, the property always remains in the hands of the cooperative, which prevents the apartments from ending up in the hands of vulture funds or speculators. If a person leaves, they recover the initial investment and their place is assigned to another family. If you die, the right is inherited by your children. Sometimes, this model promotes a more communal lifestyle, promoting somewhat smaller private homes, in exchange for having shared spaces such as laundry rooms, guest rooms, work rooms... with the idea of ​​recovering the sense of neighborhood and promoting the idea of ​​community.[159][160]​.

A key aspect is financing. These cooperatives mainly resort to ethical banking, such as FIARE Banca Ética, Coop57 or Triodos Bank, which not only grants loans, but also requires clear, non-profit ethical principles. However, one of the current problems is the high costs of land and construction, which sometimes mean that the initial contribution is high and not always accessible to everyone's budget.[159]​[161]​.

Catalonia is the region where this model has been most consolidated thanks to cooperatives such as Sostre Cívic and agreements with the public Administration. While some communities like Navarra offer support through the transfer of land, in other places the projects advance only with the efforts of the members. There are city councils that collaborate and others that directly ignore the model.[159]​[162]​.

From the mid-90s until the burst of the real estate bubble in 2008, Spain experienced an unprecedented construction boom, fueled by speculation. The 1998 land law, promoted by the Government of Jose María Aznar, allowed large areas of land to be reclassified as developable, which led to the artificial inflation of housing prices. The City Councils found a fundamental means of financing in the granting of building permits and reclassifications, which opened the door to bribes, favors and clientelism. Among the common practices was the reclassification of land, that is, converting rural land into developable land in exchange for commissions and public works awarded to companies close to politicians. Businessmen, politicians and municipal technicians acted in collusion.[163]​.

The Malaya case in Marbella (2006) was considered one of the largest urban corruption schemes in the recent history of Spain. It revealed bribery, embezzlement of public funds and money laundering at City Hall. This was dissolved and dozens of people were charged.[164]​.

Illegal squatting of homes in Spain has been the subject of intense public debate, although official data indicate that its incidence is limited. According to data from the Ministry of the Interior "Ministerio del Interior (Spain)"), in 2023, 15,289 cases of illegal occupation were registered, which represents approximately 0.06% of the 27 million existing homes in the country. Most of these occupations affect uninhabited homes, many of which belong to financial institutions or large holders, and not habitual residences.[165]​[166]​.

Certain media outlets and political parties have amplified the perception of squatting as a bigger problem than it really represents, thus diverting attention from more critical structural issues in the field of housing in Spain, such as the increase in prices, the lack of supply, the proliferation of tourist apartments and the concentration of properties in the hands of large holders.[167]​[168]​.

Journalists such as Ana Rosa Quintana or Susanna Griso have been criticized for giving excessive television space to news about illegal occupations and, in particular, to the company Desokupa, overstating the problem of housing squatting. interest.[171]​[172]​.

Desokupa, and its leader Daniel Esteve, have maintained a constant presence in the media and social networks, and argue to offer quick and effective solutions for owners who need to recover their properties legally and safely.[173]​[174]​ Some critics point out that their practices may be on the limits of legality, and their connection with far-right ideologies has been questioned, with its leader, Daniel Esteve, actively participating in the political debate in the media and networks. [175]​[176]​ From the political sphere, the Sumar coalition "Sumar (coalition)") requested the outlawing of Desokupa, arguing that it acts as a far-right vigilante group and represents a danger to democracy. The Minister of the Interior, Fernando Grande-Marlaska, described the members of Desokupa as "small-time thugs and pimps", pointing out that they have no place in the State security forces and bodies.[177]​[178]​.

This fear instilled by the media, although the incidence of squatting is low, makes the perception of risk high, and can drive, for example, the growth of the alarm and security systems market. According to INFORMA's DBK Sector Observatory, the number of active connections to alarm receiving centers in Spain exceeded 3 million in 2023, with an increase of 5.1% compared to the previous year. Furthermore, a 2021 survey by the European Union Fundamental Rights Agency (FRA) revealed that 42% of Spaniards consider squatting to be a major concern, despite actual cases being relatively low.[179][180][167]​.

Since 2010, cases of burglary and property theft in Spain have shown an upward trend, with a notable increase during the years of the 2008-2014 economic crisis "Spanish economic crisis (2008-2014)") and the COVID-19 pandemic. Between 2010 and 2014, the number of incidents grew significantly, reaching more than 10,000 cases in 2014, due to factors such as the real estate bubble and the economic crisis. Starting in 2015, the numbers stabilized around 10,000 cases annually, but in 2018-2021 there was a new boom, reaching its highest peak in 2021, with 17,274 cases, possibly related to the impact of the pandemic and the increase in empty homes. The Government, especially the Ministry of the Interior, usually asks not to raise alarm about squatting, since cases of trespass are few compared to cases of usurpation: trespass occurs with the occupation of an inhabited home, while usurpation refers to the occupation of an uninhabited property, and the Ministry of the Interior gives the data as a whole. In 2024, the three autonomous communities with the highest number of cases of burglary and usurpation of property are Catalonia, with 7,009 cases, Andalusia, 2,207 cases, and the Valencian Community, with 1,767 cases, with Catalonia standing out with a considerably higher figure than the others. On the other hand, the three territories with the lowest incidence are the autonomous cities of Melilla, with 11 cases, and Ceuta, with 14 cases, and the autonomous community of La Rioja, with 65 cases.[181]​[182][183]​.

In November 2024, the third Government of Pedro Sánchez approved Organic Law 1/2025, of January 2, on measures regarding the efficiency of the Public Justice Service, which, among other things, will allow expediting evictions in cases of squatting through the so-called "quick trials." As of April 2025, the date of entry into force, when a person files a complaint for trespass or usurpation of a home, the accused must appear before the judge within a maximum period of 15 days and the magistrate must issue a sentence within a period of three days. Trespass occurs with the occupation of an inhabited home, while usurpation refers to the occupation of an uninhabited property. In cases of trespass, the police can carry out the eviction within 48 hours if it is proven that the home is occupied without legitimate title.[184]​[185]​[186]​[187]​.

La arquitectura residencial en España se ha desarrollado durante siglos de manera diversa, con localismos fruto de su historia, clima y diferentes manifestaciones culturales regionales. Sin embargo, en las últimas décadas se ha ido imponiendo un estilo urbanístico mucho más homogéneo. Las zonas residenciales de extrarradio o barrios nuevos tienden a parecerse entre sí: edificios de bloques de apartamentos similares, calles rectas, urbanizaciones con las mismas tipologías de casas y centros comerciales estandarizados.[188]​.

• - Viviendas tradicionales en Madrid.

• - Arquitectura local en Sevilla.

• - Galerías de La Coruña.

• - Edificio art noveau en Valencia.

• - Arquitectura típica de Canarias.

• - Arquitectura cántabra.

Diversos autores han criticado que el crecimiento urbanístico acelerado del Desarrollismo durante el franquismo y de la burbuja inmobiliaria de los años 1990-2000 fomentó un modelo expansivo que priorizó la especulación del suelo y la construcción masiva sobre la calidad arquitectónica, la coherencia paisajística y la belleza urbana. Este proceso dio lugar a barrios anodinos, urbanizaciones descontextualizadas y un litoral densamente edificado, que muchos observadores califican de «feo» o poco atractivo.[189]​[190]​[191]​.

Uno de los referentes en este debate es el periodista Andrés Rubio, autor del ensayo España fea, donde denuncia una «fealdad endémica» fruto de la codicia, la especulación inmobiliaria y la corrupción urbanística en España. Rubio sostiene que en España no ha existido un esfuerzo sistemático por armonizar el patrimonio heredado con la modernidad, a diferencia de otros países europeos, y que se ha producido una «liquidación» de la arquitectura vernácula. Su visión ha encontrado eco en otros autores que señalan cómo barrios construidos en las décadas de 1960 y 1970, o los desarrollos periféricos recientes, carecen de criterios estéticos, dando lugar a un paisaje urbano repetitivo, monótono y a menudo degradado.[192]​[193]​.

• - Patrones de bloques de viviendas estándar de las últimas décadas en España.

• - Bloques cebra en Berriozar (Navarra), patrón típico de principios del siglo.

• - Bloques de ladrillo visto, en el barrio El Carrascal de Leganés, ciudad dormitorio situada al sur de Madrid, patrón típico de finales del siglo.

• - Bloques de ladrillo visto, con toldos verdes, en Sanse (Madrid), patrón típico de mediados del siglo.

Zebra buildings

Those popularly known as zebra buildings are a phenomenon of urban development that has been occurring exclusively in Spain since the beginning of the century, characterized by the construction of identical housing blocks, with facades of black and white stripes, which visually resemble the stripes of a zebra, and which are the object of criticism because they copy the same standardized model in all cities, sacrificing the local architectural, cultural and climatic identity, which results in homogeneous cities, without personality. It has been classified as a kind of constructive fast-food franchise, a design that is perceived as modern, that is fast, attractive and with minimal cost. Prior to this pattern, a pattern of similar buildings was followed, made of exposed brick, criticized for the same reasons, where green awnings are very present.[194]​[195]​[196]​.

Ugliness

The phenomenon of "ugliness (Galician architecture)" has even become a culturally established term, especially in Galicia, to describe constructions that, due to their lack of integration into the environment and their aesthetic precariousness, generate a dissonant urban environment. At a popular level, there is a common opinion that many Spanish cities are only attractive in their historic centers, while when moving away from these areas, uniform buildings, made of exposed brick or dull tones, predominate, perceived as unpleasant.[197]​[198][199]​.

However, there are notable examples of planning and aesthetic care, such as the urban transformation of Barcelona at the end of the century, the development of high-rise urbanism in Benidorm, the preservation of historic centers in cities such as Santiago de Compostela or the architectural vitality of certain towns that have known how to integrate tradition and modernity.[189]​.

• - Wikimedia Commons hosts a multimedia category on Housing in Spain.