BARCELONA, Spain (AP) — Protesters took to the streets across Spain on Saturday, continuing their frustration over soaring housing prices.
Thousands participated in demonstrations across more than 30 cities, organized by Madrid’s activists and supported by prominent Spanish trade unions.
The housing crisis in Spain has significantly impacted the country. Spain has a long-standing tradition of limited home ownership and inadequate public rental housing. Increased demand has led to rising rents. Market forces and speculation, particularly in major cities and coastal areas, have driven prices up, making them unaffordable for many.
Many young individuals report needing to live with their parents or share apartments to manage costs. High housing expenses mean even those with stable jobs find it challenging to meet their aspirations.
“I live with four others and spend 30 or 40% of my salary on rent,” stated Mari Sanchez, a 26-year-old lawyer in Madrid. “It’s impossible for me to save or do anything substantial, like buy a car. This is my reality, and it’s the same for many young people.”
Over the past decade, average rent in Spain has nearly doubled. According to real estate data, the price per square meter rose from 7.2 euros ($7.9) in 2014 to 13 euros last year, with increases especially prominent in Madrid and Barcelona.
Wages have not kept pace, particularly for young individuals in a country with consistently high unemployment rates.
Spain lacks public housing investments that would cushion renters, unlike other European nations where prices are managed more effectively.
Spain is among the lowest in the OECD regarding public housing availability, with less than 2% of all homes available for public rent. The average for the OECD is 7%. France stands at 14%, the UK at 16%, and the Netherlands at 34%.
Frustrated renters frequently highlight cases where international hedge funds buy properties to rent to foreign visitors. The matter has become politically charged, leading the Barcelona city government last year to promise to eliminate 10,000 short-term rental permits.
During Saturday’s protests, participants in Madrid chanted “push Airbnb out of the neighborhood,” indicating opposition to short-term rentals.
The central government’s primary effort to address housing costs is the rent cap mechanism provided to local administrations based on price indexes set by the Ministry of Housing.
Nonetheless, such strategies have not been effective enough to quell protests over the past two years. Experts predict the situation may not improve in the near future.
“This is not the first protest, nor will it be the last, given the severity of the housing crisis,” remarked Ignasi Martí, a professor at Esade Business School and director of its Dignified Housing Observatory, in an email.
“We witnessed similar tensions during the financial crisis (2008-2012) which persisted until a certain economic recovery and an alleviation of social unrest,” Martí added.
