The income of families for renting real estate (homes, premises or garages) in our country have shot in recent years due to price increases and tourist leases until reaching historical maximums in 2024.
These profits for leases, which receive just over three million homes (not counting those obtained through companies), have doubled from 2008 to exceed 31.5 billion in 2024.
They are already the main income of capital in Spain, ahead of financial and property profits, according to the latest collection report of the Tax Agency, Posted on Thursday.
These three sources of income – the rentals, the furniture capital (dividends, interests of the deposits …) and the patrimonial earnings (surplus value after selling homes or actions) – exceed 10% of all the income of the homes – the main ones are those of the work (salaries and pensions) -. A milestone that did not happen from the outbreak of the real estate bubble, as seen in the second graph of this information.
The growth of the rents of the landlords was 6.5% in 2024. “It must be taken into account that the previous year (2023) grew more, 7.6%,” says Raquel Jurado, expert of the Reaf Study Service of the General Council of Economists (CGE). The accumulated increase since 2008 is exactly 95%, while access to housing for tenants has become more and more difficult and suffocating, especially in recent years.
The Secretary General of Gestha (Technician Union of the Ministry of Finance), José María Mollinedo, warns that the strong growth of revenue income is collected the outcrop of the leased homes for tourist uses, in which the Tax Agency has put the focus in recent years and that mostly remained hidden in the IRPF statements.
This work of the Puerta Tax Agency has raised the collection and has improved the quality of the registered tax data of the rental market after having raised more than one million statements “that include real estate yields”.
“An endemic evil of our economy”
“The high profitability that is achieved with real estate investments are an endemic evil of our economy,” laments Íñigo Macías, an Oxfam Intermón researcher, one of the organizations that lead the struggle for more fair taxation and against inequality.
2024 It was also a great year for those who have financial income. The income of furniture capital (dividends, interests …) jumped almost 50% from 2023, of about 20,000 million to establishing another historical record in Spain above 30,000 million. On the one hand, “it is due to the increase in interest rates” of the European Central Bank (ECB) that financial entities partly transferred to their clients’ deposits, according to Raquel Jurado. On the other hand, it responds to a very good year for companies, which obtained record benefits and distributed important dividends among their shareholders, as explained in this information.
In addition, they hit another good rebound, of just over 5,000 million in just twelve months (22%), the income of families for patrimonial earnings. That is, due to the price increases of the real estate and also of the financial assets (mainly investment actions and funds).
Of course, these three ways to earn homes are concentrated in the highest layers, the richest. With the added advantage that these income of capital pays less IPF than the income of the work. A hypothetical example: if a Spanish millionaire enters for its salary as a manager three million euros in a year, would pay many more taxes than if the same person had obtained all their capital income.
Most of the millionaire’s revenues come from capital, which pay less in the IRPF
Percentage of income declared in the income tax for income deciles from job (salaries, pensions, unemployment, etc.), capital income (Dividends, heritage gains, etc.), which pay less taxes in the IRPF, and the rest (Economic activities and imputed income)
In the following graph of this information this ‘duality’ of the personal income tax is understood for the most income people in our country.
The duality of the income statement for the richest
Comparison of the full quota on the General Base and about the savings base In each year for declarants with income above € 600,000
Source: INE, Tax Agency
As can be seen in the next graph, and again according to the data of the Tax Agency of the 2024 collection report, the wages have increased by 39% since 2008, much less than the income of capital.
Finally, both the aging of the population and the latest pension reforms favor the increase in the income of people who leave the labor market. Precisely, according to José María Mollinedo, pensioners are one of the most common profiles of housing lessors for usual use.
The general secretary of Gestha points out the other most common profile of housing lessors for usual use, which are more than two million in total. “They are the people who change their house, and instead of selling the one they leave, they rent it and with that income they pay the mortgage of the new house,” he explains.
Today, for those who are not lessor, access to housing has become the big economic problem of Spain, especially for the youngest and in the big capitals and in the main tourist destinations, where most of the jobs and the offer of floors or tourist houses are concentrated.
The growth of the activity in our country has been very prominent since 2021, with respect to the rest of the great economies, and will continue to be this 2025 (according to the latest forecasts of the IMF), even in the middle of the uncertainty of uncertainty for the commercial war. If access to housing is the main internal problem, the labor market is the great strength, largely due to an important incorporation of immigrants. Although experts already warn of “a deceleration of the increase of the active population [la que trabaja o quiere trabajar]”, Since housing scarcity and high prices” will act as a bottleneck for immigration and the incorporation of a new labor force in general, “Raymond Torres, director of the economic situation of Funcas, summarized this week.
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