Spain Pulled the Trigger. Rents Didn't Flinch.

STR Unpacked · Jul 15, 2026 · 1m · transcript

Spain just published the numbers on its tourist flat crackdown. They tell a strange story. 📉

➡️ 341,001 tourist flats advertised in May, down 10.7% in a year (INE)

➡️ That's the second biggest annual fall ever recorded, and 62,000 below the all-time peak

➡️ Valencia lost almost 12,000 listings on its own

So the crackdown worked? Not quite.

➡️ Supply is actually UP 3.4% since November

➡️ The Bank of Spain says many delisted flats moved to seasonal lets, not residential renting

➡️ Tourist flats are 1.28% of Spain's housing stock. Rents haven't moved.

And now the legal foundation is gone. The…