The Spanish government intends to approve the new Housing Law – 'la Ley de Vivienda'. According to the new law, the increase in all rental housing contracts upon annual renewal will be limited to 3% in 2024. In other words, property owners will not be able to increase the rent by more than 3% when renewing long-term rental contracts. ❗ The autonomous communities of Spain will have to designate “tense zones” – areas or entire cities where the majority of tenants have to spend more than 30% of their monthly income on rent. In these “tense zones” there will be a fixed rental price set by local authorities. ❗ Expenses for repairing and maintaining property in good condition will now be borne solely by a property owner, not a tenant.In case of a crisis, the five largest Spanish banks, Sabadell, Bankinter, BBVA, Santander, and CaixaBank, will join forces. They do not want a repeat of the 2008 crisis scenario. In case of danger, they will use a “financial shield” of €157 billions of high-quality capital. These funds should be sufficient to address any issues that may arise in the Spanish financial system. The amount is several times higher than the requirements of the ECB. According to experts, the Spanish banking sector is ready to defend its solvency for at least the next 10 years.