The latest episode of the popular television talk show “La Sexta Xplica” stirred Spanish society last Saturday by bringing up one of the country’s most pressing issues—uncontrolled speculation in the housing market. The discussion opened with shocking figures that revealed the full extent of the problem. It turned out that one in four real estate transactions in Spain is not for personal residence, but for investment purposes. Over the past year, more than 182,000 properties have been acquired this way.
The speech by union activist Afra Blanco was particularly emotional, as she sharply criticized the current situation. She stated that what is happening cannot be called investment in the traditional sense. This is pure speculation. To support her point, she cited stark statistics: over the past decade, housing prices have soared by 77%, while Spaniards’ wages have increased by only 22%. This huge gap has made home ownership an unattainable dream for millions of citizens.
The situation in the capital was cited as a vivid example. In Madrid, for an average resident to purchase a modest 60-square-meter apartment, they would need to save their entire income for more than twenty years. At the same time, rental prices in the city have soared by 18%, further intensifying financial pressure on the population. Blanco expressed outrage that while some see these figures as a tragedy, others, including certain politicians, regard them as an excellent business opportunity.
In her view, the main beneficiaries and largest property owners in Spain have long ceased to be private individuals and are now banks and large investment funds. They have effectively turned the basic human right to housing into a tradeable commodity. Afra Blanco warned that this “amusement park” for speculators will ultimately be paid for not only by ordinary workers, but also by entrepreneurs themselves. Businesses will either have to face an acute staffing shortage, as workers simply will not be able to afford to live near their workplaces, or significantly increase salaries. Concluding her passionate speech, she made a radical proposal: speculators must be “crushed” with exorbitant taxes to stop this destructive process for the country.
