How the rich are snapping up Spain's coastal homes... and why it's a problem
A new way of buying holiday homes is making luxury properties more affordable for the wealthy, but it’s raising big concerns for Spain’s coastline and local communities
A new property trend is taking off in Spain, and it’s causing quite a stir. It’s called “co-ownership” and while it might sound harmless, critics say it’s accelerating the overdevelopment of Spain’s already fragile coastal areas—and making life harder for local residents.Co-ownership is a modern twist on timeshare holiday home ownership. Instead of one person buying a second home outright, a property is divided into eight shares. Each buyer can purchase between one and four of these, meaning no single owner has a controlling stake. Every share gives its owner six weeks per year to use the home, scheduled in advance.
This is different from the traditional timeshare model. In a timeshare, people only pay for the right to use a property during certain weeks of the year, but they don’t actually own it. With co-ownership, buyers have a real stake in the property, which they can sell later, just like any other real estate investment.
The problem is what this means for Spain’s already crowded and environmentally fragile coastline. Critics argue that this new system makes it easier for wealthy buyers to flood the market, increasing demand for luxury homes in coastal areas. More demand means more construction, which puts pressure on natural landscapes, local infrastructure and even housing affordability for locals.
Many of these properties can’t legally be rented out to tourists, but since they’re occupied by different owners throughout the year, they function almost like unofficial holiday rentals. This adds to concerns that these homes are turning popular areas into year-round holiday zones, rather than places where locals can live and work. As demand for co-owned properties grows, it could also drive up property prices, making it even harder for local families to afford homes in their own communities.
While co-ownership might seem like an easy way to own a slice of paradise, it’s also fuelling a property boom that could have lasting consequences, not just for Spain’s coastline but also for the people who call these areas home. Expect more debate over whether this is a smart investment or just another way for the rich to carve up the country’s most beautiful locations.
Image: Mark Wilkinson Hughes/Unsplash
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