Spain’s latest attempt to tighten taxes on real estate investment trusts barely touched the sector. Despite political rhetoric, the so-called Maricarmen decrees would have raised less than ten million euros a year, affecting only a handful of residential-focused socimis.
On paper, Spain’s government has gone after big investment funds with new housing tax reforms. The numbers tell a different story. The Maricarmen decrees, which got plenty of attention, were supposed to raise taxes on socimis—listed real estate investment companies. But EL MUNDO’s analysis shows these changes would have brought in less than ten million euros a year. The government approved the decrees on September 29, 2026. They included a targeted tax change for socimis, aiming to push investment toward affordable housing. Both decrees still need Congress to sign off before they stick.
The main change? A higher tax on undistributed profits for socimis with residential property. The rate would jump from 15% to 25%. But this only hits a small part of the market. Out of 106 socimis, just 21 focus on residential assets. The biggest players barely touch this segment. Government officials have tied these measures to fighting speculation and making housing more accessible, as Moncloa’s official materials show.
The special tax increase for socimis applies only to income from residential rentals, not to the entire activity of these companies, and came into effect on October 1, 2026, pending parliamentary approval.
Look at Vivenio. It’s the only major socimi fully focused on residential property. Based on 2025 projections, Vivenio would have paid an extra two million euros in taxes. That’s not much, considering its 75 million euro profit. Testa, created by Blackstone, has posted losses for two years. It owes nothing in corporate tax. Fidere, another Blackstone-backed company, sold its residential portfolio to Brookfield this year. That shrinks the list of affected firms even more.
Most socimis are much smaller. They hold less than 100 million euros in assets. By law, these companies must pay out 80% of profits to shareholders. That leaves little left to tax. Even for those with some residential business, the numbers are small and often hard to track. People in the industry admit this.
Independent estimates suggest that raising the tax rate from 15% to 25% for socimis would generate only about 1.2 million euros in additional revenue, while available deductions for these companies could reach up to 3 million euros, highlighting the minimal fiscal impact.
Student housing is still a question mark. Some socimis, like Colonial, have started looking at this market. The Maricarmen decrees do not make it clear if these assets would be taxed under the new rules.
The government’s focus on big funds comes as housing policy turns into a political battleground. As reported earlier, the fate of these housing measures is now a flashpoint in national politics. The stability of Pedro Sánchez’s government could be at stake. Idealista reports that the decrees could be rejected in Congress, especially with the Junts party against them. The reform’s future is up in the air.
For all the tough talk, the Maricarmen decrees would have changed little. The scope is narrow. The fiscal impact is tiny. There’s a wide gap between the political message and what actually happens. For Spain’s housing market, the real changes will have to come from somewhere else. Right now, the government’s tax push on socimis is just a ripple in a very big pool.
