Spain’s latest attempt to tighten taxes on real estate investment companies would have raised less than ten million euros a year, information from an analysis of the so-called Maricarmen decrees. The measures would affect only a handful of residential-focused socimis, despite the political rhetoric surrounding them.
Spain’s government approved the Maricarmen decrees on September 29, 2026, including a targeted tax change for socimis, or listed real estate investment companies, aimed at steering investment toward affordable housing. EL MUNDO’s analysis, but, found the changes would have raised less than ten million euros a year. Both decrees still need Congress’s approval.
The basic change raises the tax on undistributed profits for socimis with residential property, taking the rate from 15% to 25%. The increase applies only to income from residential rentals, not to the companies’ entire activity, information from Sandin Abogados. It took effect on October 1, 2026, pending parliamentary approval. The measure affects only a small part of the market: out of 106 socimis, just 21 focus on residential assets. The biggest players have little exposure to this segment. Government officials have linked the measures to efforts to fight speculation and make housing more accessible, as Moncloa’s official materials show.
Vivenio is the only major socimi fully focused on residential property. Based on 2025 projections, it would have paid an additional two million euros in taxes, against a profit of 75 million euros. Testa, created by Blackstone, has posted losses for two years and owes nothing in corporate tax. Fidere, another Blackstone-backed company, sold its residential portfolio to Brookfield this year, further narrowing the list of affected firms.
Most socimis are much smaller, with less than 100 million euros in assets. By law, they must distribute 80% of their profits to shareholders, leaving little to tax. Industry participants acknowledge that even for companies with some residential business, the amounts are small and often difficult to track. Independent estimates cited by ARA put additional revenue from the rate increase at about 1.2 million euros, while deductions available to these companies could reach 3 million euros.
Student housing remains uncertain. Some socimis, including Colonial, have begun exploring this market, but the Maricarmen decrees do not make clear whether these assets would be taxed under the new rules.
The government’s focus on big funds comes as housing policy becomes a political battleground. The measures’ fate has become a flashpoint in national politics, and the stability of Pedro Sánchez’s government could be at stake. Idealista reports that Congress could reject the decrees, particularly with the Junts party opposed to them. The reform’s fate is still unresolved.
The decrees have a narrow scope, leaving a wide gap between the political message and the likely fiscal impact. Larger changes to Spain’s housing market will have to come from elsewhere; the tax push on socimis is too small to shift the wider market.
