Sumar proposes ban on corporate residential property purchases

The political group Sumar will present a legislative proposal in the Spanish Congress next week aimed at prohibiting companies and investment funds from purchasing residential properties. The initiative seeks to amend Article 10 of the 2023 Housing Law to restrict property acquisitions exclusively to individuals.

The proposal targets both existing homes and new construction developments once they receive a certificate of completion. Sumar argues that legal entities acquire real estate as “investment assets to obtain economic benefits” through “speculative movements” rather than for the constitutional right to housing.

While the law seeks to veto corporate ownership, it includes exceptions for non-profit organizations, such as NGOs, religious entities, and social agents, provided the properties are used for specific purposes like social care, victim protection, or educational activities. The upcoming debate in the Plenary will determine whether the proposal is admitted for processing.