MADRID - Hundreds of people crowded a central Madrid street as musicians regaled them with tunes from balconies above to support more than 50 families who face evicition from a building that activists say is being eyed for tourist accommodation.
The four-storey complex in the multicultural Lavapies neighbourhood on Saturday hosted performances of jazz, flamenco or poetry in each apartment, while protesters outside chanted: "Neighbourhoods aren't for sale, they're to be protected."
As in other European cities, Madrid's gentrification has been unfolding for years, pushing local people out as private developers turn homes into luxury flats and short-term rentals. There are now 62,580 beds in short-term rentals in Madrid, travel industry group Exceltur said.
According to Madrid's tenants union, real estate investment trust Elix Rental Housing and asset manager AltamarCAM are looking to buy the building, with Elix's board expected to approve the deal on Feb. 13.
Neither Elix nor AltamarCAM replied to a request for comment.
Jaime Otayza, who lives in the building, said residents had found out about Elix's plans after they were leaked to the media.
"These funds want to keep a low media profile for these kinds of purchases. So if they want silence, we decided we're going to make noise," he said.
Joana Iglesias, a 35-year-old single mother of three, said finding somewhere else to live with her salary would be impossible due to the capital's soaring rents.
Rent prices in Spain are at their highest ever - having risen 10.8% over 2023 - with Madrid the second-most expensive city after after Barcelona, data from online real estate platform Idealista showed.
"It's becoming harder and harder to live in this city," said another resident, 40-year-old screenwriter Cristina Gomez.
Carlos Martin, a lawmaker for the government's junior coalition partner Sumar, said his party would push to curb tourist apartments in areas with high housing stress and exclude from certain tax benefits landlords who overcharge.
He added that other measures such as forcing buyers to live for at least five years in the flat they purchase were also on the table. REUTERS
