In recent months, residents of the left side of Eixample (l’Esquerra de l’Eixample) in Barcelona have noticed a troubling trend: an increasing number of residential buildings are falling under the control of large investment funds. This is not just a statistic β these are real changes in the urban landscape that may affect everyone who lives or works in the neighborhood. The change in ownership of entire buildings threatens not only to boost short-term rentals, but also to drive out familiar neighbors, shutter long-standing shops, and completely transform the character of the district.
According to a study conducted by the Association of Neighbors of the Left Side of Eixample, the number of buildings fully owned by funds has risen by 70% over the past year. Currently, there are at least 68 such propertiesβ28 more than a year ago. Experts warn that this trend accelerates speculation and the displacement of long-term residents. As a result, the neighborhood risks becoming an area for temporary tenants and tourists, rather than for families who have lived here for decades.
Risks for residents
Among the main concerns is the transformation of residential buildings into co-living spaces and seasonal rentals. Representatives of the association emphasize that without stricter controls, the neighborhood may follow the fate of tourist districts, where mornings see the streets filled with people carrying suitcases and by evening the area is deserted. This is no longer just a hypothetical threat: fund owners are actively buying up buildings, carrying out major renovations, and refusing to renew leases with previous tenants so they can rent out apartments at higher prices or for shorter terms.
These changes impact not only renters, but also homeowners who have lived in the area for years. The constant turnover of neighbors, the closure of traditional shops, and the arrival of new businesses aimed at visitors are all reshaping daily life. Many fear that soon Eixample may lose its unique character and become just another tourist enclave.
The scale of the problem
The study identified 867 buildings with vertical ownershipβmeaning they are owned by a single entityβthat are at risk. Such properties are especially attractive to funds: they are easiest to convert into co-living spaces or short-term rentals, bypassing price restrictions. Association representatives call this an ‘immobiliare scam,’ as these schemes allow investors to maximize profit without considering the interests of local residents.
The data collection for the study included analysis of cadastral records, building permits, and listings on popular real estate platforms. Additionally, the district was divided into four sectors, which activists personally surveyed to document changes on the ground. The results were alarming: over the year, the trend has only accelerated, while authoritiesβ attempts to curb speculation have yet to yield tangible results.
Resistance and demands
The symbol of resistance against the expansion of investment funds has become the house La Papallona, where the report was presented. One of the residents, Marga Aguilar, spoke at the event. She has been negotiating for several months with the new ownerβthe fund New Amsterdam Developers. This week, her case will go to court, as the fund refuses to renew her lease. Such stories are becoming increasingly common: after acquiring a building, investors carry out a full renovation and evict the previous residents to rent the apartments at higher prices and on short-term contracts.
At the meeting, representatives of neighborhood associations and housing unions called on the authorities to strengthen inspections and oversight. They believe that changing the laws alone is insufficientβactual enforcement and penalties for violations are needed. Without this, according to activists, the displacement of long-term residents could become irreversible, leaving the neighborhood bland and empty.
Context and trends
In recent years, Barcelona has repeatedly faced waves of property acquisitions by large investment funds. Similar developments have been seen in other parts of the city, such as the Gothic Quarter and along the coast. As a result, many historic buildings have been converted into tourist apartments, forcing local residents to look for new housing. City authorities have tried to restrict short-term rentals and impose additional taxes, but investors have found ways to bypass these measures.
A similar situation is unfolding in other major Spanish cities, where rising housing prices and a reduction in long-term rentals have sparked protests among residents. In Madrid and Valencia, there have also been cases of mass tenant evictions following changes in building ownership. Experts note that without comprehensive solutions and strict government oversight, such trends could further worsen the housing market and result in the loss of unique urban heritage.
