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Spain housing crisis: Locals blame tourists and speculators
Spain housing crisis: Locals blame tourists and speculators

Yahoo

time16-06-2025

  • Business
  • Yahoo

Spain housing crisis: Locals blame tourists and speculators

The real estate agent Juan Sanchez, who didn't want his real name published in this article, pushes open the frosted glass door of an apartment that used to be a shop. Visitors step directly into the kitchen from the streets of Spain's capital. The ceilings are very high. "You could easily add a mezzanine here," Sanchez says, and explains that the two bedrooms advertised are in the basement, and rather tiny. One of them doesn't even have a window. However, the space could be "easily rented out to students" for €1,300 ($1,484) if the prospective buyer is willing to ignore what he calls "a small catch." "Downstairs is officially listed as a storage space in the property registry, because we couldn't get a residential permit. But that's not a problem for renters," he tells DW. The 55-square-meter (592 square-feet) space, advertised as an apartment, located in a middle-class neighborhood in central Madrid, is listed to sell for over €300,000. Unlike a decade ago, when cheap credit boosted the housing prices in Spain, today, the sky-high prices even for mid-range apartments are driven by foreign investors with deep pockets. They've invested huge sums in Spain's lucrative housing sector and booming tourism industry, driving up prices in the entire housing market in the process. According to a report by the Spanish institute BBVA Research, demand is outstripping supply significantly. Those living in Spain, meanwhile, are struggling to afford skyrocketing rents, a situation compounded by the growing share of homes being rented out to international tourists visiting Spain, and students seeking accommodation. Spain's worsening housing crisis has already sparked repeated protests on the Canary Islands, in Barcelona and in Madrid. These days, internet platforms like sell even small living spaces to investors. The Spanish property startup allows users to purchase — rather than rent — individual rooms in a shared property as an alternative investment and living option. For the Madrid tenants' union Sindicato de Inquilinas de Madrid, the practice amounts to "rampant speculation" fueled by tourism and investment funds. The group has estimated that this has resulted in more than 4 million homes and 400,000 vacation rentals currently standing empty — in a country of 47 million people. But the housing shortage isn't just due to external demand. Locals are contributing to it, too. According to the Spanish national statistics office INE, over 2.5 million homes in Spain are only used occasionally, with many of them presumed to be second or third residences — often reserved for holidays, and rarely rented to others. Private investors and hedge funds are less reluctant to rent. In the first quarter of 2025, short-term leases, not counting tourist rentals, accounted for 14% of the rental market, or a 25% increase from the previous year, according to data compiled by the real estate platform Idealista. The platform reported the largest growth of short-term rental listings in cities like Bilbao (up 36%), Alicante (33%), Barcelona (29%), and Madrid (23%). In May, the Spanish ministry for consumer rights made headlines when it ordered the short-term rentals platform Airbnb to remove nearly 66,000 unlicensed listings. The Spanish Housing and Urban Planning Minister Isabel Rodriguez is also pushing a bill that would require vacationers to pay 21% VAT on apartment rentals — double the rate applied to hotel stays. But tenant groups like Sindicatos de Inquilinas say that's not nearly enough. Similar to the years preceding the 2008 financial crisis, Spain's real estate market is showing signs of overheating again. A house that cost an average of €138,000 in 2014 was valued at €178,700 in 2024, according to data from the US-based investment firm MD Capital. In places like the Balearic Islands, prices have more than doubled. Tim Wirth, a real estate lawyer based in Palma, says that the sharp rise in prices "inevitably leads to protests from local residents." He told DW that rentals in Spain must be made more attractive again with "legal and tax security for both sides." But he also acknowledges the acute social challenge in the fact that average wages have grown by a little over 23% in the past decade, while property prices have shot up by at least 29% in the same time period. In 2024, the average monthly gross salary in Spain was €2,642, according to the economic and socio-demographic information platform Datosmacro. An ordinary 80-square-meter apartment now costs about €1,100 a month to rent, as data from the real estate portal Fotocasa shows, with rental costs for a similar apartment in major cities like Madrid or Barcelona ranging between €1,400 and €1,500. Unlike people living in cities such as Paris or London, Spanish residents do not receive a supplement to their salaries to offset higher housing costs. Each year, some 90 million international tourists visit Spain. Many remote workers have set up residence in the Canary Islands and Barcelona, while students from across the world flock to the country's 90 universities and dozens of business schools. In the 2024/2025 academic year alone, more than 118,000 students came to Spain under the European Union students' exchange program Erasmus. Spain, however, lacks publicly funded student accommodation, and there is no financial support from the state equivalent to Germany's BAföG aid program for students from low-income households. That's one reason why Spanish citizens typically leave their parents' home after the age of 30, as official statistics show. In Germany, the average age is 24. In addition, public housing is scarce, with only about 14,370 state-sponsored housing units built in 2024. Between 2007 and 2021, Spain allocated just €34 per capita to social housing — far below the EU average of €160. Madrid's tenant lobby, meanwhile, has threatened to escalate public protests if the government doesn't take stronger action: "We'll raise our voices to reclaim what's vacant or being rented to tourists," a spokesperson told DW. This article was originally written in German.

Spain housing crisis: Locals blame tourists and speculators – DW – 06/15/2025
Spain housing crisis: Locals blame tourists and speculators – DW – 06/15/2025

DW

time15-06-2025

  • Business
  • DW

Spain housing crisis: Locals blame tourists and speculators – DW – 06/15/2025

Short-term rentals are worsening Spain's housing crisis, while investor demand continues to drive up prices. For many locals, the situation is devastating. The real estate agent Juan Sanchez, who didn't want his real name published in this article, pushes open the frosted glass door of an apartment that used to be a shop. Visitors step directly into the kitchen from the streets of Spain's capital. The ceilings are very high. "You could easily add a mezzanine here," Sanchez says, and explains that the two bedrooms advertised are in the basement, and rather tiny. One of them doesn't even have a window. However, the space could be "easily rented out to students" for €1,300 ($1,484) if the prospective buyer is willing to ignore what he calls "a small catch." "Downstairs is officially listed as a storage space in the property registry, because we couldn't get a residential permit. But that's not a problem for renters," he tells DW. Wealthy Russian's are among the foreign housing investors that Spanish real estate agents welcome Image: Victor Tschezkij/DW The 55-square-meter (592 square-feet) space, advertised as an apartment, located in a middle-class neighborhood in central Madrid, is listed to sell for over €300,000. Unlike a decade ago, when cheap credit boosted the housing prices in Spain, today, the sky-high prices even for mid-range apartments are driven by foreign investors with deep pockets. They've invested huge sums in Spain's lucrative housing sector and booming tourism industry, driving up prices in the entire housing market in the process. According to a report by the Spanish institute BBVA Research, demand is outstripping supply significantly. Those living in Spain, meanwhile, are struggling to afford skyrocketing rents, a situation compounded by the growing share of homes being rented out to international tourists visiting Spain, and students seeking accommodation. Spaniards rally against housing crisis To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Spain's worsening housing crisis has already sparked repeated protests on the Canary Islands, in Barcelona and in Madrid. Locals contribute to the shortage These days, internet platforms like sell even small living spaces to investors. The Spanish property startup allows users to purchase — rather than rent — individual rooms in a shared property as an alternative investment and living option. For the Madrid tenants' union Sindicato de Inquilinas de Madrid, the practice amounts to "rampant speculation" fueled by tourism and investment funds. The group has estimated that this has resulted in more than 4 million homes and 400,000 vacation rentals currently standing empty — in a country of 47 million people. But the housing shortage isn't just due to external demand. Locals are contributing to it, too. According to the Spanish national statistics office INE, over 2.5 million homes in Spain are only used occasionally, with many of them presumed to be second or third residences — often reserved for holidays, and rarely rented to others. Spanish Housing and Urban Planning Minister Isabel Rodriguez has vowed to fight the crisis with higer taxes Image: Borja Puig de la Bellacasa/LA MONCLOA/AFP Private investors and hedge funds are less reluctant to rent. In the first quarter of 2025, short-term leases, not counting tourist rentals, accounted for 14% of the rental market, or a 25% increase from the previous year, according to data compiled by the real estate platform Idealista. The platform reported the largest growth of short-term rental listings in cities like Bilbao (up 36%), Alicante (33%), Barcelona (29%), and Madrid (23%). In May, the Spanish ministry for consumer rights made headlines when it ordered the short-term rentals platform Airbnb to remove nearly 66,000 unlicensed listings. The Spanish Housing and Urban Planning Minister Isabel Rodriguez is also pushing a bill that would require vacationers to pay 21% VAT on apartment rentals — double the rate applied to hotel stays. But tenant groups like Sindicatos de Inquilinas say that's not nearly enough. Housing boom with social consequences Similar to the years preceding the 2008 financial crisis, Spain's real estate market is showing signs of overheating again. A house that cost an average of €138,000 in 2014 was valued at €178,700 in 2024, according to data from the US-based investment firm MD Capital. In places like the Balearic Islands, prices have more than doubled. Tim Wirth, a real estate lawyer based in Palma, says that the sharp rise in prices "inevitably leads to protests from local residents." He told DW that rentals in Spain must be made more attractive again with "legal and tax security for both sides." But he also acknowledges the acute social challenge in the fact that average wages have grown by a little over 23% in the past decade, while property prices have shot up by at least 29% in the same time period. No Airbnb in Barcelona? City to ban short-term rentals To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video In 2024, the average monthly gross salary in Spain was €2,642, according to the economic and socio-demographic information platform Datosmacro. An ordinary 80-square-meter apartment now costs about €1,100 a month to rent, as data from the real estate portal Fotocasa shows, with rental costs for a similar apartment in major cities like Madrid or Barcelona ranging between €1,400 and €1,500. Unlike people living in cities such as Paris or London, Spanish residents do not receive a supplement to their salaries to offset higher housing costs. Too many tourists, too little social housing Each year, some 90 million international tourists visit Spain. Many remote workers have set up residence in the Canary Islands and Barcelona, while students from across the world flock to the country's 90 universities and dozens of business schools. In the 2024/2025 academic year alone, more than 118,000 students came to Spain under the European Union students' exchange program Erasmus. Spain, however, lacks publicly funded student accommodation, and there is no financial support from the state equivalent to Germany's BAföG aid program for students from low-income households. That's one reason why Spanish citizens typically leave their parents' home after the age of 30, as official statistics show. In Germany, the average age is 24. In addition, public housing is scarce, with only about 14,370 state-sponsored housing units built in 2024. Between 2007 and 2021, Spain allocated just €34 per capita to social housing — far below the EU average of €160. Madrid's tenant lobby, meanwhile, has threatened to escalate public protests if the government doesn't take stronger action: "We'll raise our voices to reclaim what's vacant or being rented to tourists," a spokesperson told DW. This article was originally written in German.

Juan Sanchez announces public land commissioner candidacy
Juan Sanchez announces public land commissioner candidacy

Yahoo

time25-04-2025

  • Politics
  • Yahoo

Juan Sanchez announces public land commissioner candidacy

Former Democratic Party of New Mexico vice chair Juan Sanchez is the first candidate to announce a bid to become the next Commissioner of Public Lands. (Courtesy photo) While Belen resident Juan Sanchez only decided to run in the 2026 Democratic primary for New Mexico Land Commissioner in the last few months, he's been thinking about it for longer, he says. 'I've been traveling the state for the last 10 years, working in natural resources, conservation and public engagement, and some of the things I've realized while doing that is, we are a state that is so rich in our lands and our culture and all the things around us, and it feels like it came to me over the last few months that this is something I think I could do,' Sanchez told Source NM. Sanchez so far is the only candidate for land commissioner in the 2026 election. Voters twice sent current Land Commissioner Stephanie Garcia Richard to the State Land Office, and so the state constitution term-limits her from running again. She is instead seeking the Democratic nomination for lieutenant governor, the Los Alamos Daily Post reports. A former natural resource specialist for the U.S. Army Corps of Engineers and consultant for the New Mexico Acequia Commission, Sanchez also is a former vice chair of the Democratic Party of New Mexico, and worked as political director for U.S. Sen. Martin Heinrich (D-N.M.), who endorsed his candidacy. 'I'm a 13th-generation New Mexican,' Sanchez said. 'I learned to start caring for the land at a very young age, from my grandfather, who was a rancher, and just like his father and his father before them, all on the same piece of property in northern Socorro County. I'm really proud of the experience I've accumulated, and the people I've met because I learned so much from our elders, and want to continue a legacy of managing land in New Mexico for generations to come.' The following interview has been edited for clarity and concision. Source NM: Can you talk about equitable access to state lands? What does that mean to you, and why is it a priority for your campaign? Juan Sanchez: We live in a place where the State Land Office manages over 9 million acres of public lands, and the other 13 million acres of mineral rights as well. But of those 9 million acres, there's 1 million of them that are landlocked and are not accessible to the public. As someone who takes a lot of pride in accessibility to the outdoors and making sure folks in communities around the state can go and enjoy those areas, it's something I plan to make a priority. We live in a beautiful place to go out, explore and learn about the land and our culture. But also, there's opportunities with the outdoor economy, as well: teaching our young students and our young children in our schools about these lands and creating equitable access, and being able to open up these lands to all these different folks is definitely a priority. Your campaign website talks about ensuring rural and Indigenous communities have a voice in land use decisions. What does that mean for people who don't understand what land use is, and how will you ensure it ? That's something I'd like to build on from Land Commissioner [Garcia Richard], who I think has done a great job in creating the Cultural Resources Office. They're going into these communities and finding out what makes them special or sacred. Some of these areas definitely do need some protection. A great example of this is the Caja Del Rio up in Santa Fe County, which the current land commissioner has protected from mineral exploration, oil and gas, as well as large transmission. She was in consultation with tribal communities, with traditional Hispanic communities that have been there for centuries, and learning about how sacred and important that land is to the way of life. Looking at Garcia Richard's time in office, is there anything else you would continue? The Cultural Resources office is absolutely one of those; the other one is the Office of Renewable Energy, she created that, and then it was put into statute a couple years later by the Legislature. The Cultural Resources Office has not been put into statute yet, so the next commissioner can decide whether or not to keep that or no longer have that. With the Office of Renewable Energy, continuing to try to expand and diversify some of the money we make off our state lands is something that will be important to me. It's important to maintain a relationship with the oil and gas industries. They are the revenue that comes from our state lands, predominantly. I appreciate the most recent work that was done this last legislative session, the royalty rate increase; that's something I support. I think it'll be great for New Mexicans and for our public institutions. Is there anything you would do differently? A lot of the work at the Surface Resource Division is something I'd really like to expand upon, make my own and try to find ways to diversify our economy through outdoor recreation and accessibility to lands, whether that be hiking, hunting or fishing. We have communities like our tribal and historical land use Hispanic communities that have been collecting wood in these areas for keeping their homes warm. What does the phrase 'water is life' mean to you, both as a new Mexican and as a candidate for this role? I'm a content creator and I have about 100,000 followers on my social media. Just this morning, I posted about how, when I was on a run yesterday, I was running along one of our acequias, and the water just started coming through for the first time in the year. You could actually watch the water pouring in. Look, I spent about five years as a consultant with the New Mexico Acequia Commission, working with leaders across the state, predominantly in Northern New Mexico, maintaining water access and traditional way of lives. Whenever we talk about our acequias, our water, we're talking about the life blood to our lands and to our life. As the waters start pouring through our acequias, they start to grow in our fields, they start to feed our plants, they start to give water to the animals we end up eating later on. It's a balance. Our communities cannot survive without clean water, and I'm really adamant about the idea of protecting that and protecting the ways of life, learning from our tribal and our historical communities on how they've survived with scarcity of water, and finding ways to continue to protect it, for us and for future generations. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX

Inglewood police seek suspects in death of man who tried to stop catalytic converter theft
Inglewood police seek suspects in death of man who tried to stop catalytic converter theft

Yahoo

time02-03-2025

  • Yahoo

Inglewood police seek suspects in death of man who tried to stop catalytic converter theft

Inglewood police said Saturday they are searching for two suspects in the shooting death of a man who intervened in an attempted catalytic converter theft last week. Early Tuesday morning, police said, the victim tried to stop two men from stealing a neighbor's catalytic converter in the 1000 block of North Chester Avenue in Inglewood. One of the men fatally shot the victim in the chest, police said. In a GoFundMe post, family members identified the man as Juan Sanchez, 48, and described him as a "a devoted husband, a loving father" and a "proud grandfather." "He was the kind of person who always put others before himself, offering a helping hand, a listening ear, or a smile that could brighten even the darkest days. His strength, wisdom, and generosity were the foundation of his family, and his loss leaves a void that can never be filled," the post said. As of Saturday, more than $36,000 had been raised support Sanchez's family, which the fundraiser said includes a wife, two children and a grandchild. Inglewood police said the suspects were driving a gold Toyota Camry with tinted windows and a sunroof. The model year is thought to be between 2002 and 2006. Police released a flier with surveillance video images and additional information on the suspects. Over the years, thieves in Southern California have made catalytic converters a popular target because they can be sold for their high concentration of precious metals. In the most notorious incident, "General Hospital" actor Johnny Wactor was fatally shot in downtown Los Angeles last May as he approached several men trying to remove a catalytic converter from his car, police said. Three months later, prosecutors charged four men in connection with the crime. In 2023, the Los Angeles City Council voted to make it illegal to possess an unattached catalytic converter without proof of ownership. Through the first half of 2024, 2,113 catalytic converters were stolen in Los Angeles, according to data the LAPD released last year. The figure does not include Inglewood or unincorporated parts of Los Angeles County. Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.

Inglewood police seek suspects in death of man who tried to stop catalytic converter theft
Inglewood police seek suspects in death of man who tried to stop catalytic converter theft

Los Angeles Times

time02-03-2025

  • Los Angeles Times

Inglewood police seek suspects in death of man who tried to stop catalytic converter theft

Inglewood police said Saturday they are searching for two suspects in the shooting death of a man who intervened in an attempted catalytic converter theft last week. Early Tuesday morning, police said, the victim tried to stop two men from stealing a neighbor's catalytic converter in the 1000 block of North Chester Avenue in Inglewood. One of the men fatally shot the victim in the chest, police said. In a GoFundMe post, family members identified the man as Juan Sanchez, 48, and described him as a 'a devoted husband, a loving father' and a 'proud grandfather.' 'He was the kind of person who always put others before himself, offering a helping hand, a listening ear, or a smile that could brighten even the darkest days. His strength, wisdom, and generosity were the foundation of his family, and his loss leaves a void that can never be filled,' the post said. As of Saturday, more than $36,000 had been raised support Sanchez's family, which the fundraiser said includes a wife, two children and a grandchild. Inglewood police said the suspects were driving a gold Toyota Camry with tinted windows and a sunroof. The model year is thought to be between 2002 and 2006. Police released a flier with surveillance video images and additional information on the suspects. Over the years, thieves in Southern California have made catalytic converters a popular target because they can be sold for their high concentration of precious metals. In the most notorious incident, 'General Hospital' actor Johnny Wactor was fatally shot in downtown Los Angeles last May as he approached several men trying to remove a catalytic converter from his car, police said. Three months later, prosecutors charged four men in connection with the crime. In 2023, the Los Angeles City Council voted to make it illegal to possess an unattached catalytic converter without proof of ownership. Through the first half of 2024, 2,113 catalytic converters were stolen in Los Angeles, according to data the LAPD released last year. The figure does not include Inglewood or unincorporated parts of Los Angeles County.

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