Ferran Torres: The Footballer Investing in Offices

Ferran Torres and Housing Prices: Guilty?

Ferran Torres's holding company's main asset is a block of 50 offices rented to businesses near Mestalla, while the footballer personally owns only four homes and a plot of land. According to records, there is no speculative activity. However, public criticism has pointed to him as responsible for rising housing prices just days after scoring the winning goal for Spain in the World Cup final. Where is the disproportion?

Footballers' Real Estate Holdings

Players from Spain's world champion national team have seen their real estate investments thrust into the media spotlight. Ferran Torres's case has been the most talked-about, but he is not the only one. According to available data, Torres's company predominantly owns offices, not homes. This contrasts with the image of a major apartment owner that has been circulated. Criticism, however, has focused on him and other footballers, while political and media figures with much larger real estate portfolios go unnoticed.

The Real Profitability of Bricks and Mortar

A detailed analysis of the numbers shows that investing in housing for rent is not as profitable as is believed. In a typical example, a flat valued at 200,000 euros generates gross income of about 8,400 euros per year (700 €/month). After deducting property tax (IBI), community fees, default insurance, maintenance, and income tax (IRPF), net profit drops to about 4,500 euros, representing a net yield of 2.25%. That is less than a fixed-term deposit offers and it would take over forty years to recoup the investment. Renting is, in reality, a low-profit, high-tax business.

Who Benefits from the Demonization?

While some point to footballers as speculators, others recall that the real problem lies in the lack of supply and housing policies. It is argued that the government should liberalize land and build public housing, instead of labeling as speculators those who invest legally. It is also mentioned that politicians and large funds have a much greater weight in the market. The controversy against Ferran Torres seems to have a political component: his conservative ideology and religious gestures have been criticized by pogre sectors.


The 25 players of the national team do not collectively own as many homes as the 350 members of the Congress of Deputies, according to some estimates. The housing debate should focus on land production, rental incentives, and regulation of large landlords, not on the assets of athletes who, moreover, invest mostly in tertiary-use properties.

With figures in hand, the net yield of 2.25% casts doubt on whether footballers are making a business out of housing. The question that remains in the air is: if not them, who is behind the price escalation?