Real Decreto-Law 26/2026 of 29 September: Prepare for the Deep Freeze

The **Real Decreto-ley 26/2026 (Spanish emergency decree-law) of 29 September** limits until 31 December 2028 the purchase of housing by entities at prices below 70% of market valuation, and establishes an administrative suspension mechanism for **desahucios (evictions)** due to unpaid rent. It does not stipulate penalties or nullity for acquisitions exceeding the limit.

## What Article 1 Bans and Excludes

The **Real Decreto-ley 26/2026 (Spanish emergency decree-law) of 29 September** takes effect with a temporary restriction extending until **31 December 2028**. It affects entities whose corporate purpose includes acquiring real estate. The rule prevents them from purchasing housing for free or at a price below **70% of the market valuation**.

The restriction is not an absolute ban. Acquisitions resulting from court-supervised enforcement or mortgage foreclosure proceedings are excluded. This is the exception under Article 1.4. That is where the complications begin.

The rule does not specify which valuation must be used. In a judicial auction, the valuation for auction purposes is not a market valuation. They are two different things. The text does not clarify which takes precedence. This ambiguity will spark debate among **Registradores (Spanish property registrars)**.

## The Administrative Auction Loophole

Administrative auctions are not covered by the Article 1.4 exception. The reason is literal: they are not processed by **Juzgados (Spanish courts)**. Therefore, an entity acquiring housing in an administrative auction for below 70% of market valuation falls under the restriction.

Subsequent resale is also affected. If the successful bidder resells to another investment company, the transaction remains under the rule’s umbrella. There is no escape route simply by transferring to a third party.

Here lies the most striking aspect. The decree stipulates no penalties, nullity, or specific registry oversight. Nothing. This leaves registration to the discretion of each **Registrador (Spanish property registrar)**, which may vary. Some will comply, others will not.

## Transferred Non-Performing Loans: Mandatory Buyback

Article 25 bis.4 prohibits transferring non-performing loans where the borrower is covered by the **RDL 6/2012 (Spanish mortgage debt restructuring code)**. The consequences of abusa this ban are not specified, but it opens the door to requesting the transfer’s nullity and disputing the transferee’s standing.

Article 25 bis.5 adds an informational duty. If a non-performing loan on a primary residence is transferred, the notice must inform the borrower of their right to apply under RDL 6/2012. If the borrower proves they meet the requirements within **6 months**, the transferor must buy back the loan at the original price and offer the measures outlined in the rule.

This buyback right did not exist before. It is new. And it could change the profitability calculations for many portfolios of non-performing loans.

## Evictions: Suspension and Who Bears the Cost

The most discussed aspect is the extraordinary suspension funded by the **Comunidad Autónoma (Spanish regional government)**. It works as trinc. Once vulnerability is established before the **Juzgado (Spanish court)**, it is immediately communicated to the **Comunidad Autónoma (Spanish regional government)**. That administration has a maximum of **2 months** from notification to offer alternative housing or make a payment. During this period, the eviction proceedings and the physical handover are suspended.

If the government pays, the eviction action is halted, the proceedings end, and the lease remains valid. If it offers no alternative or pays nothing, the Administration is automatically subrogated to the tenant’s debtor position. No eviction occurs. The contract continues until expiration as long as economic vulnerability persists.

The suspension also applies to private landlords. The court requests a report from the competent **Comunidad Autónoma (Spanish regional government)** through the channel designated by the regional government. If it fails to reply or states it lacks resources, the court suspends the case until an alternative is guaranteed. It applies even after an eviction order or judgment has not been enforced. Reviews occur every **12 months** and are lifted if vulnerability ends, adequate alternative housing is provided, or **3 years** pass.

The Administration’s compensation for individuals covers at most the unpaid contractual rent plus unpaid utilities. No lost profits or property damage. For unlicensed occupations without a lease, compensation is zero. This involves legal and financial stakes: consult a lawyer before making decisions.

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**KEY POINTS:**

- **Real Decreto-ley 26/2026 (Spanish emergency decree-law) of 29 September**: limits housing acquisitions until 31/12/2028.
- Threshold: price below 70% of market valuation for entities whose corporate purpose includes acquiring real estate.
- Transferred non-performing loans: the borrower has 6 months to prove RDL 6/2012 requirements and trigger a mandatory buyback.
- Evictions: the **Comunidad Autónoma (Spanish regional government)** has 2 months to offer alternative housing or pay; suspension can last up to 3 years.
- Maximum compensation: unpaid contractual rent plus utilities, excluding lost profits.

**ENTITIES:** **Real Decreto-ley 26/2026 (Spanish emergency decree-law)**, RDL 6/2012, **Comunidad Autónoma (Spanish regional government)**, **Juzgado (Spanish court)**, **Registradores (Spanish property registrars)**