The financialization of housing is intensifying globally in a context of changing interest rates and the return of capital to the residential real estate sector. Housing is thus becoming a strategic financial asset, progressively moving away from its social function as a basic universal good.

The market structure shows a growing concentration of property ownership. Recent studies indicate that small landlords (with one or two properties) still account for around half of the total in countries such as the United Kingdom, but they only hold a minority of rental units. In contrast, large landlords with five or more properties control nearly half of all rental contracts. In the United States, institutional and corporate investors already account for more than 6% of home purchases, with higher percentages in specific urban areas, highlighting increasing pressure on housing access.

In this context, the case of Amancio Ortega through Pontegadea stands out as one of the largest private real estate fortunes in the world. His group controls an estimated portfolio of over €20 billion, with around 200 properties distributed across more than a dozen countries. The strategy is based on dividend reinvestment and cash purchases with low debt, allowing it to compete advantageously against more leveraged financial actors and accelerate the accumulation of high-value real estate assets.

The expansion of investment funds and large international asset managers reinforces this trend. Vehicles such as REITs and private equity real estate funds are increasing their presence in both residential and commercial markets, prioritizing financial returns over the social function of housing. This dynamic contributes to greater pressure on prices and rents, while reducing the relative weight of small landlords and increasing property concentration in increasingly complex corporate structures.