The guerrilla campaign against Spain's housing bubble
Fake listings, posters outside estate agencies and threats: the citizen campaign that tried to burst Spain's housing bubble before the crisis hit.
English · Original discussion in Spanish · Published
Is the housing bubble about to burst?
At the height of the price surge, a group of anonymous citizens decided to move from online complaining to street action. Their goal: burst the bubble before the Euribor wiped everything out. The idea was simple: use the very same property listing portals to slip in warning messages, and stick posters on lampposts and in estate agency windows. They weren't asking the government for help (they considered that hopeless). They were betting on a sharp correction: "like at any party, the hangover comes next", they summed up.
Fake listings with a real message
On Segundamano, a listing offered a 70 m2 penthouse plus terrace for 15 million pesetas (€90,000). But the text wasn't meant to sell: "Don't buy at any price, the Bubble is going to BURST." Another one mimicked a 30 m2 scam flat with no natural light for 50 million. The strategy worked: one of these listings racked up 500 views in three days and generated dozens of emails and calls from people who had never even heard of the bubble. Some thought it was a genuine offer; others asked for more information about the looming crisis.
The estate agencies reacted rudely. Several participants reported receiving threatening emails: "I'd better buy a gun, I'm going to need it." Far from being intimidated, the response was to double down: more listings, more posters, and the idea of crossing out the prices on street ads and writing half the amount. "We're going to bust their balls", one wrote.
The Banco de España was already warning, but nobody listened
The campaign leaned on a piece of data the Banco de España (Spain's central bank) had been warning about for months without success: if the Euribor rose from 3% to 5%, a €200,000 mortgage over 30 years would require extending the term to 70 years to keep the same monthly payment. "If you don't have a cushion of 30-40% of your current payment, you'd better stay out of it", they calculated.
Did it do any good?
There is no gauge to measure the impact of this kind of information guerrilla. The truth is the bubble did eventually burst, but not because of the posters. Years later, prices fell, evictions multiplied and the Euribor climbed above 5%. Those who bought in 2005-2007 know it well. And those who handed out leaflets that summer... well, at least they had fun, threats and all.
Related discussions on the forum
At the height of the price surge, a group of anonymous citizens decided to move from online complaining to street action. Their goal: burst the bubble before the Euribor wiped everything out. The idea was simple: use the very same property listing portals to slip in warning messages, and stick posters on lampposts and in estate agency windows. They weren't asking the government for help (they considered that hopeless). They were betting on a sharp correction: "like at any party, the hangover comes next", they summed up.
Fake listings with a real message
On Segundamano, a listing offered a 70 m2 penthouse plus terrace for 15 million pesetas (€90,000). But the text wasn't meant to sell: "Don't buy at any price, the Bubble is going to BURST." Another one mimicked a 30 m2 scam flat with no natural light for 50 million. The strategy worked: one of these listings racked up 500 views in three days and generated dozens of emails and calls from people who had never even heard of the bubble. Some thought it was a genuine offer; others asked for more information about the looming crisis.
The estate agencies reacted rudely. Several participants reported receiving threatening emails: "I'd better buy a gun, I'm going to need it." Far from being intimidated, the response was to double down: more listings, more posters, and the idea of crossing out the prices on street ads and writing half the amount. "We're going to bust their balls", one wrote.
The Banco de España was already warning, but nobody listened
The campaign leaned on a piece of data the Banco de España (Spain's central bank) had been warning about for months without success: if the Euribor rose from 3% to 5%, a €200,000 mortgage over 30 years would require extending the term to 70 years to keep the same monthly payment. "If you don't have a cushion of 30-40% of your current payment, you'd better stay out of it", they calculated.
Did it do any good?
There is no gauge to measure the impact of this kind of information guerrilla. The truth is the bubble did eventually burst, but not because of the posters. Years later, prices fell, evictions multiplied and the Euribor climbed above 5%. Those who bought in 2005-2007 know it well. And those who handed out leaflets that summer... well, at least they had fun, threats and all.
Related discussions on the forum
- *Legendary thread*: Is it a good time to buy (Part III) · 94 replies
- Gabriel Rufián: because of Aznar, an entire generation of young Spaniards got to work · 164 replies
- Housing cycle change: "I wouldn't buy property in 2026" · 319 replies
- One thing I'm going to tell you about Marina D'Or, and I'm risking my account. · 30 replies
Also available in: Deutsch
Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (36 replies).
More summaries
-
Antena 3's 'Pepitazo' Exposed Spain's Housing Bubble
A 2007 report on a couple with unsustainable debt revealed Spain's property crisis, where unsold flats lost value despite price cuts.
-
Spain's Ayuso turns 48: Instagram photo reignites debate over her image
Isabel Díaz Ayuso, president of the Community of Madrid, turns 48 and posts an Instagram photo wearing shorts and boots. The image reignites the debate over using looks as a political weapon.
-
Spain, Europe's new capital of sadomasochism tourism?
Mansions with dungeons in Andalusia and BDSM hotels in the Balearic Islands: sadomasochism tourism is growing in Spain with clients from all over Europe.
-
Intruder in girl's bedroom reignites Spain's self-defence debate
An intruder entered a girl's bedroom in Barcelona, reigniting the debate on self-defence: can a father use force? An analysis.
-
Inheritance refusals soar in Spain as tax bills bite
More than 55,000 inheritance refusals in Spain: the inheritance tax bill reaches €103,000 in Asturias and zero in Andalusia.
-
Squatters in your parking space: the legal loophole that leaves owners helpless
Squatters can take over your parking space in Spain and there is no fast way to remove them. Filing a complaint takes months and illegal alternatives can prove costly.