🚨 Welcome to Props — The Bubble's real estate newsletter. You're here because Spanish real estate is fascinating, insane, occasionally enraging, and — if you have a little money and play it right — profitable. Every week we bring you the data, the deals, the people making it happen, and the ones making it worse.
Props is a paid newsletter. Your first 60 days, however, are free — grab a trial here and decide if we're worth it.
Also, I’ve spent the last few months building a real estate app that lets you track properties across Spain's various real estate portals in one place, value properties using actual transaction data, and drill into sales and pricing by neighborhood. It's in beta. If you want early access, drop me a line.
So sit back and enjoy! And send your tips, comments, suggestions, and all-cash offers to ian@thebubble.com.
We don't want to get your hopes up, but…
Here’s a number that may make you feel a little tingle of warmth and fuzziness: in May 2026, Spanish rental prices rose just 3% year-on-year. That’s the slowest rate of growth in nearly three years.
Now, before you break out the cava or the MDMA (we won't judge), let’s be clear about what this does and doesn’t mean. It doesn’t mean rents are cheap — Spain’s average rental price hit a record €14.76 per square meter per month, and Madrid’s is nearly €22. And it doesn’t mean the housing crisis is over, or even close to over. What it does mean is that after years of brutal, relentless double-digit increases, the rental market may be running into…not a cliff, but maybe one of those emergency brake ramps for out-of-control trucks?
And the reason, according to analysts? It’s not that supply has improved (as we've said, households are growing faster than housing). It’s that tenants have simply run out of money.
Let us count the ways:
