The Spanish residential market has changed structurally in the last fifteen years. There are fewer and fewer households accessing homeownership, while those who already have real estate assets accumulate more properties. This is the main conclusion of the report The problem of real estate concentration in Spain, prepared by the Ministry of Consumption together with the CSIC based on data from the Tax Agency.
Between 2008 and 2022, the percentage of households living in owner-occupied housing has fallen from 79% to 63.9%, while rentals have gone from 11.9% to 19.2%. In parallel, households acting as landlords—the so-called "caseros"—have almost tripled, going from 3.4% to 9.8%. The result is a change in model: fewer owners, but with more homes in their hands.
Fewer owners, more concentration
The report reveals a significant shift in property ownership structure. In 2008, the majority of owners had a single home (53.9%). Today, that proportion has fallen to 48.3%, while those who own two or more properties already exceed 51%.
This change occurs despite the fact that the housing stock has grown by about two million units in that period. However, this increase has not translated into more access, but into greater concentration:the growth has benefited above all those who were already owners.
The gap between haves and have-nots grows
The polarization is another of the keys of the report. Households without any housing have increased by 63%, while those that own several have grown by 54%. On the other hand, the traditional profile of the owner with a single home —historically dominant in Spain— is reduced by 22%.
The phenomenon is even more visible in large holders. Owners with between six and ten properties have increased by more than 50%, while those with more than ten homes have quadrupled their portfolio, going from 138,000 to more than 626,000 properties.
A residential model in transformation
The report points to a clear trend: the middle group is losing weight, while the extremes are growing. More and more households do not have access to property and, at the same time, more actors are concentrating housing as an asset.
From Consumption they warn of the medium-term consequences. If this dynamic continues, housing may cease to be an instrument of stability and social advancement to become a factor of structural inequality. The Spanish model, traditionally based on ownership as a path to economic security, enters thus into a phase of profound transformation.