A Spanish property investor who owns more than 200 apartments has said repeated cases of non-payment and so-called inquiokupas – tenants who stop paying rent and refuse to leave – have pushed him towards tourist lets instead of long-term rentals.
Ruben Zaballos made the comments during an appearance on LaSexta Xplica, where he discussed why many of his homes remain empty or are used for short-term holiday accommodation, particularly in small towns in Galicia.
Zaballos explained that a large number of his properties were originally purchased from what he described as ‘vulture investment funds’, which had acquired them 12 to 15 years ago and left them closed for long periods.
After buying and renovating many of these homes in small municipalities, he initially intended to offer them as residential rentals.
However, he said ongoing problems with unpaid rent led him to convert many of the properties into tourist accommodation.
While he admitted he would prefer to rent them on a long-term basis, he claimed this was often not financially viable in smaller towns.
In places with fewer than 10,000 residents, Zaballos said he owns between 90 and 100 apartments.
He argued that renting only during July, August and September does not compare with the income generated by long-term lets spread throughout the year.
The investor acknowledged having experienced around 10 cases of non-payment involving inquiokupas.
Zaballos said members of his own staff had advised him against continuing with long-term rentals, warning that managing tenants who fail to pay creates ongoing problems and uncertainty.
As a result, he said, his team recommended switching to tourist rentals, which they consider easier to manage and less risky.
His comments come amid an intensifying national debate over housing shortages, empty homes and the impact of short-term tourist rentals on Spain’s residential property market.
