MADRID

Tens of thousands of demonstrators flooded the streets of Madrid, Barcelona, and more than 40 other cities across Spain on Saturday to protest soaring rents and a deepening housing crisis that has plagued the country for over a decade.

Organized by tenant associations, the nationwide demonstrations marked the first coordinated effort on such a scale.

Protesters carried signs reading “Let’s put an end to the housing business” and “50% reduction in rents,” calling attention to what they described as an unsustainable and speculative housing market.

Tenant groups have also warned of a potential rent strike if their demands go unmet.

Valeria Racu, spokesperson for the Madrid Tenants' Association, called for indefinite action and a nationwide strike to combat high rents and speculators, urging the 500,000 households with leases expiring in 2025 to resist displacement.

Racu emphasized their commitment to the rent strike and stated that millions have demonstrated their power, adding that if the strike occurs, rents could drop by at least 30%.

Racu emphasized that both speculators and the government must be held accountable for the housing crisis, which she said is pushing families and young people out of city centers and into outer districts.

Mariola Gutierrez, spokesperson for the Tenants' Association in Logrono, stated that the movement aims to reduce housing prices and burst the high rent bubble, pressuring both speculators and the government.

According to a report by the Bank of Spain, the country needs half a million new homes to solve the housing problem.

To enable the government to build new social housing, reforms in land laws, simplified bureaucracy, and a reduction in the 25% tax burden on housing were identified as key steps, along with the call to halt short-term tourist rentals in major cities and coastal areas.

Although Spain's minority left-wing coalition government has taken some measures to address the housing crisis, they have been deemed insufficient.

The "golden visa" program, which provided permanent residence visas to foreign investors purchasing real estate worth up to 500,000 euros, ended on April 3rd. Since 2013, around 15,000 foreign investors benefited from this program.

Rental prices in Spain have reached record highs, rising by 11.5% in the last year and 3.9% quarterly, with the average cost per square meter for rent at 13.5 euros, while in Madrid, rents have surged 91% over the past decade, and new housing construction costs have increased by 7.6% on average.

In Spain, while migration from smaller towns to larger cities continues, young people are increasingly moving to outer districts due to high rents and housing prices.