Spain's Housing Crisis: Protestors Rally Against Skyrocketing Rents

Protestors in 40 Spanish cities demonstrated against high rents and a housing shortage amid record economic growth. Activists stress the need for affordable homes as tourism and migration swell demand. Soaring rents outpace salaries, with homeowners preferring short-term leases, exacerbating the deficit.

Spain witnessed a massive turnout on Saturday as hundreds of thousands took to the streets in 40 cities to protest against rising rents and a scarcity of affordable housing. Despite experiencing Europe's rapid economic growth, Spain faces a significant housing shortfall worsened by the tourism industry boom.

The centre-left government is caught between a rock and a hard place as it grapples with welcoming tourists and migrants while keeping rents within reach for locals. As the number of short-term rentals balloons in cities and coastal areas, chants of 'No matter who governs, we must defend housing rights' filled the air in Madrid, where over 150,000 demonstrators gathered as reported by the local tenants' union.

Idealista, a property platform, reports that over the past decade, rental costs have doubled, and home prices surged 44%, vastly outpacing wage increases. Post-pandemic, the rental supply has plummeted by 50%. Experts blame current regulations that deter long-term leases, pointing out the more lucrative and secure nature of renting to tourists or short-term foreign tenants.

(With inputs from agencies.)