Thousands of Spaniards took to the streets on Sunday in Madrid to protest against extortionate house prices, as holiday rentals remain the target of angered locals.
According to the Spanish Government, 12,000 people participated in the demand for more affordable housing amid fears they are being priced out of the housing market.
Residents called for better living conditions and lower housing rental prices using the slogan “Housing is a right, not a business”, as they angrily marched through Spain’s capital city.
Nurse Blanca Prieto said, as reported by Reuters: “Spaniards cannot live in their own cities. They are forcing us out of the cities. The government has to regulate prices, regulate housing.”
The capital sees a whopping 12 million visitors every year, being one of Britain’s favourite holiday destinations.
Madrid is now leading the European city for house prices increasing with a jump of almost 11 percent year-on-year, according to Bloomberg. With so few properties available, sales fell 8 percent in the first quarter and prices for new builds surged 14.5 percent.
Activists were claiming that Madrid workers now spend half of their yearly earnings on rent, a burden made heavier by the soaring property prices.
Many protests were calling for the Minister of Housing, Isabel Rodrigues, to step down.
This comes as thousands of protesters in Spain have been blaming for months on overtourism and the lucrative short-term rental business the worsening housing crisis in the country.
Overtourism protests took place throughout the summer calling for a rethink of a business model to stop driving local people out of the city.
The Spanish Government announced a crackdown on short-term and seasonal holiday lettings in July, planning to investigate key platforms such as Airbnb and Booking.com to verify their licences.
Madrid saw a separate wave of protests on Sunday against the America’s Cup yachting race. Demonstrators blamed the international sporting event for bringing an influx of tourists to an already overcrowded city, therefore pushing up the rental prices.
