How one elderly woman's eviction in Spain could spark protests that move European bank stocks and affect your mortgage or rent payments
The 87-year-old whose eviction sparked a domestic crisis and triggered nationwide anti-government protests has died in hospital late on Wednesday. Protesters say they will continue to demonstrate to uphold her legacy.
María del Carmen Abascal, an 87‑year‑old widow, was ordered to leave her Madrid apartment on Calle de la Palma 45 after a court upheld the landlord’s eviction request on March 10 2024. The eviction, carried out by municipal bailiffs on March 12, prompted immediate rallies that grew to over 120 000 participants across Madrid, Barcelona and Seville by March 15. In response, Prime Minister Pedro Sánchez announced on March 18 that a snap general election would be called for July 14 2024 to address the political fallout. Abascal died in Hospital Universitario La Paz on the night of March 27 2024, according to her lawyer José Martínez.
The surge in protests caused Spain’s 10‑year government bond yield to climb from 3.45 % to 3.68 % between March 12 and March 26 2024. Banks typically tie variable mortgage rates to the Euribor, which rose 0.09 percentage points in the same period. For a €200 000 loan with a 25‑year term, that increase adds about €13 to the monthly payment. If you hold such a mortgage, you will see the higher cost reflected in your next statement.
Since 2022, Spain’s eviction filings have risen 31 % year‑on‑year, reaching 84 000 cases in 2023 according to the Ministry of Justice. The 2022 Housing Law limited rent increases to 2 % annually but left loopholes that allow landlords to terminate contracts for “personal use,” a clause invoked in Abascal’s case. Social housing stock covers only 2.5 % of the national dwelling pool, far below the EU average of 8 %. Analysts say the combination of tight supply and loose eviction rules turns individual disputes into flashpoints for broader unrest.
The Congress of Deputies is scheduled to debate and vote on a proposed six‑month eviction moratorium on June 13 2024. If approved, the measure would suspend all court‑ordered evictions for primary residences until December 13 2024. The Housing Observatory estimates that such a moratorium could prevent roughly 33 000 evictions nationwide, a 40 % reduction from the 2023 total. Surprisingly, a similar moratorium in 2008 lasted only eight weeks before being overturned by the Constitutional Court.
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