Valencia is seeing the emergence of a new property tax aimed at properties owned by large investment groups rather than individuals. More than five hundred homes fall under this shift, which targets empty, tenantless buildings already criticized by regional authorities. The tax is part of the Law on the Social Function of Housing and is administered by the ministry responsible for housing under this law. The goal is to rotate vacant units back into use and discourage prolonged vacancies across the date range, with 532 residences currently registered as uninhabited. Owners of more than ten buildings must declare which floors are vacant so the administration can track available housing.
The legal framework for implementing the tax is being prepared in the absence of the finance ministry, with the formula for charges led by Arcadi Spain. The tax rate scales with land area owned in aggregate. For properties up to 5,000 square meters, the levy starts at 7.5 euros per square meter, while areas up to 40,000 square meters see rates rising to 22.5 euros per square meter, potentially reaching a maximum charge of 600,000 euros. Fines can reach up to 300,000 euros for large owners who fail to notify the administration about vacant units for at least one year.
Alicante province currently aggregates the most properties in the Generalitat registry, with 219 entries; Valencia has 184; and Castellón lists 129, according to the Generalitat’s Directorate General for Emergency Resettlement. The latest communications cycle has begun this year, and it is anticipated that counts will rise as the year progresses.
Mobilizing resources to address the housing emergency forms a central pillar of the Botànic strategy, with Unides Podem backing the Second Vice-President’s efforts. The political plan aims to mobilize more public and private resources to improve access to housing and curb speculative practices by financial institutions and investment funds. The tax itself is designed to tax large properties, with the option to avoid the levy when a unit is rented. Initiatives like my Xarxa Lloga seek to provide affordable rental housing and move uninhabited units into use across the community. It is estimated that around 20,000 homes in the autonomous region were left in the hands of financial companies, though current registrations appear modest so far.
Looking ahead, the Generalitat intends to push further, with the housing ministry drafting legislation that would require large property owners to temporarily transfer vacant properties if they have remained unoccupied for more than two years.
Most-needed areas
In the first half of the year, the Second Vice Presidency and the Ministry of Housing and Bioclimatic Architecture purchased 219 homes across the community for a total of 12.6 million euros. These properties are located in zones with a clear need for more family housing. In Alicante province, 104 of these homes are in Callosa de Segura, Gata de Gorgos, Monóvar, and Monforte del Cid, representing an investment surpassing 6.2 million euros. A large portion of these acquisitions used preferential first refusal and redemption channels to secure ownership.
Sareb resources
The housing ministry continues to press the central government to transfer control of roughly 8,500 Sareb homes to the Valencian Community. According to the regional housing minister, transferring Sareb properties would expand the supply of public housing for vulnerable families by about 71 percent, addressing the waiting list for public housing in the Valencian Community.