Four million homes in Spain sit empty. That’s the figure economist Santiago Niño Becerra cites as the country’s housing crisis boils over. He says the only way out is to put more homes on the market, fast.
Becerra says Spain’s housing crisis has been decades in the making, as policy failures and neglect have piled up. Now the government faces angry crowds and a problem that quick fixes won’t solve.
Spain’s Ministry of Housing says the average price of free-market housing reached €2,355 per square meter in the second quarter of 2026, a 12.5% year-on-year increase.
After the eviction of Maricarmen made headlines, pressure on officials spiked. The government is drafting ten emergency measures to slow runaway prices and curb speculation, including tourist rentals. Protesters have set up camp in Madrid’s Puerta del Sol and say they’ll stay until the next council of ministers delivers a real fix. The mood echoes the 15M movement, with thousands of Spaniards, young and old, demanding a fair shot at a home. Official estimates cited by Euronews put attendance at the September 26 to 27, 2026, protest at between 25,000 people, information from police, and 300,000, information from organizers.
Becerra traces the crisis to the 1950s, when mass construction prioritized home sales over long-term access. Things worsened after 2010 as cities pushed tourist rentals and families turned spare homes into short-term lets for extra cash. “Today the housing problem exists because nothing has been done to prevent it,” Becerra says. He blames years of inaction. The Bank of Spain now puts the housing shortfall at about 755,000 homes. That number could top one million by 2028 if nothing changes.
The eviction that sparked the protests has become a symbol of a system under strain. The government’s next decree will show whether leaders are ready to take on the powerful interests behind scarcity and speculation. Prime Minister Pedro Sánchez has promised to push a housing decree, according to statements reported by Euronews.
Subsidized rental housing makes up less than 2% of Spain’s housing stock, compared with an EU average of about 8%, Euronews reports. The gap highlights a structural weakness in the country’s approach to affordable housing.
Spain isn’t alone in facing a housing crunch. But the number of empty homes and the surge in tourist rentals make its case stand out. Becerra says existing supply must be unlocked to address the crisis.
