Spain strengthens tenants’ rights in rental market
Spain is introducing a series of measures to strengthen legal protection for people who rent their homes, and temper rising prices in bigger cities, Development Minister Jose Luis Abalos said.
Home-building, buoyed by foreign investment, is thriving in Spain 10 years after a property bubble burst, and the new Socialist government is now looking to rein in some areas of the market.
“We need to make sure the housing stock is mainly allocated to satisfying the right to housing, safeguarding its social function,” Abalos told a parliamentary commission.
Buyers of rented property will have to respect the terms of existing tenants’ contracts, impeding a post-crisis phenomenon whereby cash-strapped local authorities sold social housing to private equity firms that subsequently raised rents.