Los fondos y las promotoras cargan contra los decretos

Promotoras, investment funds and consulting firms have criticized the decrees approved by the Council of Ministers, warning that the new measures make property owners a social safety net for the state while giving investors confidence and slowing the creation of supply. The Association of Rental Property Owners (Asval), which represents large owners, including funds, developers and individuals, claims each new intervention makes it harder to rent, invest or recover a property, pushing more owners to exit the market and slowing the creation of new supply.

Asval worries most about the expansion of restrictions on purchasing property. The new real decree-ley limits certain acquisitions through December 31, 2030, and applies to legal entities that own more than ten properties or five in a stressed area. The association points out that this measure affects companies whose job is to keep rental properties stable and long-term, without necessarily being speculative.

Ideological simplification equating large shareholder with speculator directly harms supply. If Spain needs hundreds of thousands of homes, expelling or limiting those with capacity to invest in them is exactly the wrong direction, they insist. Asval also complains about forcible expulsions without compensation, preferential treatment for tenants when selling to family, and loss of tax incentives if owners reduce rents to market levels.

They oppose preferential right of acquisition for tenants. This means a property owner who wants to sell a rented home to a child, partner or other family member cannot do so freely without giving the tenant first right of purchase at the same price and conditions. Unless certain exceptions, such as co-owner or someone with a registered preferential right, the tenant will outrank even the property owner's family.

Asval calls this a painful situation. The APCEspaña, the association of Spanish developers, also criticizes the use of painful situations to make housing policy. They see the November elections as an opportunity to approach the housing problem with seriousness and rigor. They urge not to change the rules halfway through or use painful situations to make housing policy.

APCEspaña's president Xavier Vilajoana warned during the V National Housing Congress in Barcelona that Spain needs 250,000 new homes a year, but only 90,000 to 110,000 are built, less than half. This gap means a structural deficit of over 100,000 homes each year. The association criticizes the government for not consulting with the sector before approving the decree measures and not informing the consultancies present in ACI, which advise on most transactions involving institutional investors.

The first decree, including extraordinary extension or rental freezes, is likely to get the support of the Permanent Council. They claim that approving these decrees is a step back in construction and attracting finance. The country already has a huge gap between the demand for new housing and real production, and measures like these only widen it.

For promoters, the legal uncertainty already encourages a clear flight of investment intended for the development of large rental complexes, with a direct impact on sectors with fewer resources.