Dutch investor Paul Petermeijer has put his Barcelona housing company, New Amsterdam Developers, up for sale for nearly 30 million euros. This decision follows a significant neighbourhood protest in the Gràcia district this Wednesday, which successfully prevented the eviction of a local tenant.
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The protest in Gràcia involved middle-class residents rallying to support a teacher whose rental contract the owner did not renew. This action, which garnered support from the President of the Generalitat, ultimately blocked the planned eviction. Petermeijer, reportedly “offended” by the community’s resistance, subsequently announced the sale of his company.
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New Amsterdam Developers has faced criticism for its business model. The company acquires residential buildings and converts them from traditional long-term rentals to short-term or coliving accommodations. This strategy often results in the displacement of long-term local residents. Petermeijer previously defended his company’s actions. He stated, “We are not removing homes from the market; we are creating more space.”
Gràcia Protest Halts Eviction
The recent Gràcia protest highlighted the ongoing tensions in Barcelona’s housing market. Residents mobilised to prevent the eviction of a long-term tenant, a teacher, whose landlord sought to repurpose the property. The President of the Generalitat publicly supported the protestors, underscoring the political sensitivity of tenant displacement.
This incident reflects a broader struggle in Barcelona, where local families increasingly find themselves priced out of their homes. The city’s vibrant tourism sector and growing demand for short-term accommodation have put immense pressure on traditional rental housing. Activists argue that such practices erode the city’s social fabric.
Investor’s Controversial Business Model
New Amsterdam Developers’ strategy mirrors previous controversial cases in Barcelona. A year ago, an investor purchased Casa Orsola, a building near Gràcia, with the explicit aim of converting its flats into short-term rentals for temporary foreign residents. The Sindicato de Inquilinas (Tenants’ Union) identified Casa Orsola as a crucial battleground, successfully mobilising middle-class residents against these practices.
The Ajuntament (City Council) was compelled to seek “imaginative formulas” to address similar cases due to sustained activism. New Amsterdam Developers also acquired Casa Papallona, also known as Casa Fajol, along with hundreds of other Barcelona apartments for similar purposes. These properties often target business travellers whose incomes significantly surpass those of local residents.
The Rise of Coliving Spaces
In early 2023, New Amsterdam Developers formed an alliance with Enter Coliving, a company specialising in renting individual rooms for seasonal stays. This partnership allowed the Dutch fund to manage its properties through a coliving model, further expanding its business line. Critics argue this approach fragments flats and significantly increases rental costs.
In some instances, the price of a single room in a coliving space now approaches what former tenants paid for an entire apartment. New Amsterdam Developers reportedly established separate companies for each building. This tactic aimed to circumvent legislation designed to regulate large property owners. The company’s focus on non-family tenants further exacerbates the housing shortage for local families.
Future of Barcelona’s Housing Market
The sale of New Amsterdam Developers for nearly 30 million euros could signal a shift in the landscape for foreign investors operating in Barcelona’s housing market. Local residents and housing activists continue to advocate for policies that protect long-term tenants and preserve affordable housing options in the city. The Gràcia protest demonstrates the power of community action in shaping Barcelona’s future housing policies.
Originally published by El País Barcelona. Read original article.
