Across Spain, the relentless rise in rental prices is reshaping how citizens think about housing. A new report from Fotocasa Research, titled Radiografía del mercado de la vivienda en 2026, finds that 71% of active private individuals now believe that paying a mortgage is a more profitable option than renting at current market rates. This marks the highest level of consensus in the study, with an average rating of 7.6 out of 10, and a slight increase from 70% in the first half of 2025.
Homeownership as a Financial Refuge
The shift is not merely cultural but a pragmatic response to an imbalanced rental market. María Matos, head of Research and spokesperson for Fotocasa, explains: "Although accessing home ownership remains difficult because of a lack of savings and high purchase prices, more and more people feel that, if they are in a position to take the plunge, paying a mortgage is a more profitable option than allocating a monthly income to rent that keeps on becoming more expensive. This perception reflects the huge imbalance currently affecting the rental market."
The survey, conducted in February 2026, captures the impact of the 2023–2025 period, during which interest rates gradually eased, making mortgages cheaper, while rents continued to climb. This dynamic has reinforced traditional Spanish attitudes toward property: 68% of respondents still consider buying a home a safe investment, and the same proportion say the feeling of owning one's home remains deeply rooted in society—though this conviction has slipped from 72% in early 2025. Meanwhile, 59% believe a home is the best inheritance one can leave to children, down slightly from 61%.
Fear of a New Property Bubble
The preference for buying comes with growing anxiety. Some 56% of those surveyed fear the market is heading toward a new property bubble, up from 54% in 2025. The speed at which both purchase and rental prices are rising has set off alarm bells across cities like Madrid, Barcelona, and Valencia. Half of active private individuals still insist that renting is "throwing money away," a figure unchanged from last year. Expectations that Spain will converge with a European rental model are fading: only 40% believe the market will evolve toward greater renting over ownership, down from 41%.
The European Central Bank's interest rate hike in June 2026 adds a layer of uncertainty. The impact of tighter mortgage credit on citizens' perceptions will need to be assessed in future reports, but for now, the trend is clear.
The Housing Law Fails to Convince
The report also highlights widespread disapproval of Spain's Housing Law, which was intended to address the crisis. Approval has inched up from 27% to 28% over the past year, but the average rating remains stuck at 4.7 out of 10. Critics argue the law has done little to curb rent increases or boost supply, leaving many Spaniards feeling that the regulatory framework is inadequate.
This sentiment echoes broader European debates about housing affordability. In France, for instance, similar tensions have emerged, as noted in France's Lescure cautiously welcoming Spain's €850 billion EU debt plan, which touches on fiscal coordination. Meanwhile, the ECB's role in shaping monetary conditions remains central, as ECB President Lagarde endorsed Spain's joint borrowing proposal, a move that could influence housing markets indirectly through broader economic stability.
As Spain grapples with its rental spiral, the data from Fotocasa underscores a fundamental shift: for a growing majority, the dream of homeownership is no longer just a cultural ideal but a financial necessity. Whether this trend will ease or intensify depends on policy responses and macroeconomic conditions across the eurozone.
