🚨 Welcome to Props — The Bubble's real estate newsletter. You're here because Spanish real estate is fascinating, insane, occasionally enraging, and — if you have a little money and play it right — profitable. Every week we bring you the data, the deals, the people making it happen, and the ones making it worse.

So sit back and enjoy! And send your tips, comments, suggestions, and all-cash offers to ian@thebubble.com.

Subscribe now

---

And now the plateau…or the fall?

We’re back from summer break! After Philadelphia, Santander, and Cádiz (talk about schizophrenic travel!) I’ve returned to suffer revel in Madrid’s wilting 40°C heat, mumbling to myself repeatedly, “At least there’s no humidity.” Then again, I shouldn’t complain; that’s why god made cañas.

But this real estate market could drive anyone mad. It flies higher every month without a visible source of propulsion. Like…magic. Fine, I'm exaggerating. There are a lot of visible motives. Like, say, a) massive immigration, especially into the biggest metro areas, b) Spain's soaring global cachet, c) a lack of new housing, and d) cheap mortgages.

Still, all good things must come to an end, right? At least that's what my parents told me. Oh my god…did they lie? But seriously, everything must come to an end, and the relentless rise in real estate prices might not be a complete “good thing” anyway.

Now, however, there are new signs that the market's peaking. The question is what comes next. Do we just plateau and say, "Well, that was a ride,” or crash and say nothing because we're, like, dead? We're betting that we're finding the new equilibrium, not a tipping point before the rollercoaster drop.

Let us count the ways (or the whys):

Read more