The financialization of housing in the Spanish State: structural crisis

The housing crisis has acquired a structural dimension in the Spanish State, where access to a home has become one of the main social problems. Statistical indicators confirm a sustained upward trend in purchase prices and rents, generating pressure on incomes and on households’ ability to sustain themselves.

Official data from the National Statistics Institute (INE) show a persistent increase in the Housing Price Index and the existence of a stock of vacant dwellings. An analysis by the Bank of Spain estimates a significant structural housing deficit to meet residential demand.

This may be due to the financialization of the sector: large funds and listed companies (the so-called “SOCIMIs”) treat property as a financial asset, increasing acquisitions through legal entities and influencing the rental supply. Regulatory records and market company listings confirm the growing prominence of these actors.

The social consequences are visible: social movements such as the Platform for People Affected by Mortgages (PAH) and tenants’ unions warn of the rise in evictions and real estate harassment in contexts of market tension.

Consequently, it is considered that the solution requires structural reforms and regulation to guarantee the right to housing. The systemic nature of the problem explains the inadequacy of current policies, which prioritize investment profitability over the social functions of housing.