As thousands of runners pounded the pavement for the Barcelona Marathon on Sunday, residents highlighted a different kind of endurance race on a building facade above them. Residents of an apartment block at 243 Carrer de Mallorca dramatically unfurled a 12-metre banner to protest against what they describe as aggressive real estate speculation, which threatens to force them from their homes.
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The banner, bearing the message “Barcelona para las vecinas. Stop Especulación y Expulsiones” (Barcelona for its residents. Stop Speculation and Evictions), was strategically timed to capture the attention of the marathon’s crowds and media. The building is located in the affluent Dreta de l’Eixample district, between the well-known boulevards of Rambla de Catalunya and Carrer de Balmes, an area that has become a hotspot for property investment and soaring rental prices.
A Case of ‘Property Flipping’
This protest responds to the actions of investment fund Palau & Manfredi. According to reports from the Catalan News Agency (ACN) and local outlet betevé, the fund purchased the entire building of 11 flats and two commercial units about 18 months ago for €6.3 million. It is now on the market for €9 million.
Residents and the Sindicat de Llogateres (Tenants’ Union), which supports them, call this a clear case of ‘flipping’. This practice involves buying a property, often with sitting tenants, with the intention of quickly reselling it for a significant profit. They argue this often pressures long-term residents to leave so the building can be refurbished and then sold or rented as luxury accommodation.
The tenants claim the higher asking price is particularly galling as the fund has allegedly failed to repair existing “structural damages.” Furthermore, the property is being marketed with three fewer apartments than at the time of purchase, suggesting units may have been combined or taken off the residential market.
The Human Cost of Speculation
The campaign highlights a pattern of tenant displacement becoming increasingly common in Barcelona’s central neighbourhoods. Of the original tenants in the building, only five families remain. The Sindicat de Llogateres reports one judicial eviction and two ‘invisible’ evictions have already occurred, where tenants left due to pressure or non-renewal of contracts. Another eviction is reportedly imminent.
“They offered us 15,000 euros per family to leave,” said Gemma Tramullas, one of the affected residents, speaking to ACN. She added that the offer came with promises of “tremendous” renovation works that have yet to materialise.
In addition to the main banner, smaller signs hung from individual balconies with messages such as “Renovación de contratos ya” (Renew contracts now), “Mallorca 243 resiste” (Mallorca 243 resists), and “Barrio en liquidación” (Neighbourhood in liquidation).
A City-Wide Problem
The protest on Carrer de Mallorca is a visible symptom of Barcelona’s wider deepening housing crisis. As property values climb, long-term residents on older rental contracts find themselves vulnerable. Municipal efforts to address the issue have been contentious; for instance, a proposal to create a special commission on housing speculation was blocked in the City Council last month.
By taking their protest public during a major city event, residents of Mallorca 243 hope to draw city-wide attention to their plight. The marathon’s route and associated road closures affected much of the city centre, ensuring visibility for their broader fight for affordable housing in a city struggling to balance development with the needs of its inhabitants.
