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SOS is written in capital letters on a banner on the balcony of a four-storey building in the Lavapiés district (Spa) of Madrid. Urgent call from 50 families who are afraid of being evicted from the houses they have lived in for a long time.
A real estate investment fund wants to buy the house. Residents assume that luxury apartments or holiday homes will be built on the building later. The deal could happen as early as February 13, according to Reuters news service. The despair is great. Last Saturday, hundreds of people took to the streets and chanted slogans such as “Our neighborhoods are not for sale, they must be protected.”
Rents are higher than ever
If residents leave the residential building, many of them are likely to experience problems. Rents in Madrid have boomed in recent years and are higher than ever. Joana Iglesias (35), a single mother of three children, is afraid of having to leave the city. She told Reuters that she could not find anywhere else to live on her salary.
A new law has been in force in Spain since last summer, aiming to prevent excessive rent increases in many cases. However, it is likely that local people will continue to be pushed out of the city. Tourism is increasing rapidly in the capital of Spain and new records are being broken almost every month. The mayor liked it very much. Tourists spent 3.5 billion euros in Madrid last year. More than ever, said José Luis Martínez-Almeida (48) at the Fitur international tourism fair held in Madrid at the end of January. “There’s nothing to envy in other big cities,” he said. “It is other major cities that need to take into account what is happening in Madrid.”
When cities turn into tourist attractions
Last year, 10.5 million tourists flocked to the city and more than 25 million overnight stays took place. The tourism sector contributed to more than a third of the capital’s economic growth in 2023. It now accounts for eight percent of total value added and employs a quarter of a million workers.
Mass tourism is a boon for the real estate industry. You can make money with business apartments as well as holiday apartments. But for many residents, tourism is a curse. Affordable housing is just one side. Due to the influx of guests, the city center is increasingly turning into a tourist center and is likewise losing its appeal as a place to live. A fate that the people of Venice knew all too well. Airbnb apartments have long dominated the center and old town. Locals come here just to work.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
