BoT 655

 

Business over Tapas

A digest of this week's Spanish financial, political and social news aimed primarily at Foreign Property Owners:

Prepared by Lenox Napier.  Consultant: José Antonio Sierra

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November 5 2026            Nº 655           

 

Editorial:

Last week Spain suffered its second serious rail accident of the year, this time with 69 dead. The earlier incident on the same high-speed line between Madrid and Seville occurred back in January where 46 people lost their lives.

When you are doing anything up to 200kph on a line where swerving is not an option, coming to a dead stop brings on a whole new and tragic meaning.

Pedro Sánchez lamented that ‘We can’t allow this to happen in a country like ours’.

Óscar Puente resigns

The excuse from the Minister of Transport Óscar Puente after the January accident in Adamúz: ‘The chances of this happening again are remote, almost impossible’.

This time, they talk of human failure, but one can’t blame just a single employee when a whole system has failed – especially since the unions and train-personnel have been complaining for years about the antiquated control system. High-speed trains run on a network of special rail track owned and managed by ADIF, and the one carrier on the high-speed rail system is now three, with Renfe now joined by Ouigo España, owned by the French national rail company (SNCF), operating as a popular low-cost high-speed option, and Iryo – a private consortium backed by Italy's Trenitalia (Ferrovie dello Stato), Air Nostrum, and Globalvia.  

Has trust been broken by this second accident? Would you take the AVE to Madrid right now – or rather use the regular train which takes four times longer? The Guardian makes this point: ‘Spain’s prime minister, Pedro Sánchez, has admitted “trust in high-speed rail has been broken” after Wednesday’s train collision that killed at least 69 people, injured more than 100 and prompted a national debate on the safety of the country’s rail network’.

Sitting with your back to the engine may be a small safety-recommendation, but it is clear that no one will currently be able to relax fully on the fast journey from one city to another.

Regardless of the excuses, we are in an election month and the public needs to be satisfied quickly. Puente had already offered to resign, and Pedro Sánchez said no – that he maintained his confidence in his transport minister. The Partido Popular, after the three days of official mourning, have been campaigning on the events, while Vox didn’t even bother to observe the time-out after the accident, noting that Santiago Abascal maintained that the rest of the parties "wanted to use mourning to silence" the criticism about the state of the infrastructure and assured that Vox would not join that strategy, a procedure he also adopted after the Adamúz accident.

A conservative friend writes in Diario de Almería: ‘Criminal liability is a matter for the courts. Political accountability is of a different nature and follows a different timeline. One need not wait for a court ruling to demand explanations, parliamentary appearances, or decisions regarding the continued tenure of those who lead an essential public service. A minister’s resignation does not equate to an admission of guilt; rather, it can be a way of accepting the institutional consequences of an extraordinary crisis’.

On Tuesday, the Minister of Transport Óscar Puente gave his report with recommendations and decisions to the standing committee regarding Spanish rail. Following his presentation to fellow politicians and the public at large, he resigned both his post as acting-minister and also from further activity in party politics. 

The famous Atocha train-bombing in March 2004 put an end to the Aznar regime. Could the same be true for the candidature of Pedro Sánchez 22 years later? 

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Housing:

‘From Eye on Spain here: ‘Emptying the Rental Market: Why Small Landlords Are Pulling Thousands of Homes. For a long time, the traditional advice for British expats seeking a reliable return on a Spanish property was simple: buy an apartment, find a steady long-term tenant, and enjoy the monthly yield’. 

It’s perennially hard for young people to become independent by moving to their own place says El Español here, and worse now than ever. (However), we read: ‘Carmen Sánchez—a lawyer who owns seven apartments—has defended her perspective on home ownership on the Antena 3 program Espejo Público. She insists that hard work, saving, and financial planning are essential for purchasing a home—a position she has also expressed during previous appearances on the show, where she explained that by the age of 33, she already owned three properties…’ So simple. 

‘Housing prices have doubled in around fifty cities over the past decade, driven by pressure on coastal areas and major urban centres’, says 20Minutos here with examples. 

Or one could head for the hills… From La Voz de Almería here, ‘The municipalities of Lúcar, Bayarque, Bacares, Armuña, and Tíjola (joint population: 5,214) have joined forces to promote the supra-municipal cooperation project "Living Nearby: Alto Almanzora Services Within 30 Minutes"—an innovative initiative that seeks to address the demographic challenge by fostering equal opportunity, improving access to a wide range of services, boosting the local economy, and creating new opportunities for residents…’ 

From Idealista here: ‘Prefabricated homes from €30,000. These affordable homes offer quick construction, fixed prices and layouts exceeding 80m²’. So easy. 

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Tourism: 

From The Olive Press here: ‘Action stepped up over a hundred ‘illegal’ open-air car parks near Alicante airport, A fifth illegal car park close to Alicante-Elche airport has been shut down this year as prosecutors probe over 100 unlicensed parking lots in the area. Elche’s Policía Local have swooped on a new facility with a capacity for 1,000 vehicles on an area of land covering 8,000 m2. The council says the closure is in addition to four executed since May with a sixth park currently the subject of legal proceedings…’ 

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Finance: 

From The Olive Press here: ‘Spain’s powerhouse economy is continuing to outperform its European neighbours despite fierce global headwinds after posting year-on-year growth of 2.7 per cent in the third quarter of 2026. The figure, published on Friday by the National Statistics Institute (INE), is a tenth of a percentage point higher than the rate between April and June and keeps Spain firmly on course to be one of the fastest-growing major developed economies this year, according to the International Monetary Fund (IMF)’. 

The Sareb, says Wiki here, is ‘the bad bank of the Spanish government. Its purpose is to manage and disinvest high-risk assets that were transferred to it from the four nationalized Spanish financial institutions (BFA-Bankia, Catalunya Banc, NGC Banco-Banco Gallego and Banco de Valencia). The company was formed in 2012’. From La Vanguardia here: ‘The Sareb is nearing the end of its 15-year mandate with a hole in its accounts exceeding 20,000 million euros. Specifically, the entity—commonly known as a "bad bank"—is set to have a debt of 20,586 million euros by the end of 2026, the vast majority of which it will be unable to repay upon liquidation. With the final deadline set for November 28, 2027, its managers have one year left to try to minimize losses—losses that have grown year after year as a result of the overvaluation of its assets…’ 

Cinco Días says that ‘More than half of Spaniards have trouble withdrawing cash from ATMs, while 92% reject a cashless world, despite the rise of mobile payments’ (thanks Jake). On the subject of ATM problems – which I haven’t noticed in my local bank – the article complains ‘…that users have encountered ATMs that were out of service—a situation experienced by 43% of those surveyed. There has also been an increase in the proportion of users who found machines that had run out of banknotes (33%). Furthermore, the percentage of users who have seen their regular ATM close down has increased fivefold…’ 

General Strike Wednesday November 11th: ‘The CCOO and UGT unions predict massive success and guarantee it will be peaceful. In addition to demands regarding "wages, housing, and prices", a union leader states that the strike is "aimed at the CEOE" and is a response to their blocking of the agreement on collective bargaining. 

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Politics: 

It’s been a sad week for Spain – the terrible train-crash in Toledo which took 69 lives. No, says Maldita the fact-finding website, we can’t blame plots from the Israelis or the Russians – at least not for the time being. What we can wonder is whether the awful events of last week, the train crash plus the hooliganism in Barcelona, Valencia and elsewhere all be turned into a negative tide against Pedro Sánchez? 

The resignation of the Minister for Transport Óscar Puente, following his explanation of events in the standing committee on Tuesday, has been well (if tearfully) received by many, and the responsibility for his department (until the elections) now falls to Carlos Cuerpo. 

The second weak spot for the PSOE were the riots in several cities caused by the anti-system Blocus, and the good news arrived on Friday that the ringleader had been arrested in Valencia (with a few other keyboard warriors since taken by the police). Thus, the anticipated Blocus protests – rather more to do with looting than social protest – in Spain this past weekend largely fizzled out due to an aggressive police crackdown and businesses boarding up their storefronts. While the previous weekend (October 24) saw significant riots and looting in Barcelona, the Halloween night demonstrations resulted in minimal physical incidents but massive police preventative actions’.

From Expansión here: ‘The PP leader Alberto Núñez Feijóo has called for "national reconstruction," so that "Spain may once again become what it once was: one of the great nations of the world." "Power means serving and protecting—ensuring that tax revenue reaches where it is intended to go, and that public services function effectively," the PP leader argued. In this regard, Feijóo has once again highlighted his experience as an administrator and his commitment to rigour as a guiding principle for his policies…’ 

From RTVE here: Feijóo demands accountability from the Government and highlights the "competent management and rigour" of the PP: "Spain doesn't need 'influencers'." "It’s not just that it’s become clear they aren’t good managers; I even question whether they are good people." The PP leader made these remarks following a meeting of the party’s National Executive Committee, as pre-election campaign activities resumed’. 

From Infobae (Monday) here: This is the state of the polls following the train accident in Urda (Toledo): the recovery of Pedro Sánchez’s PSOE has come to an abrupt halt, with the party losing 450,000 votes in three days. The polls place the PP and Vox bloc at over 200 seats—a result well above the 176 required for an absolute majority. 

From Diario de Sevilla here: ‘Vox begins the “elimination of the climate agenda” in the Andalusian budget. Vice-president Manuel Gavira (Vox) warns that he will “scrutinize all public spending aimed at imposing an ideological agenda”’. 

Now we’ve seen everything: From elDiario.es here: ‘The Murcia Assembly (regional government) declares Pedro Sánchez persona non grata with the votes of the PP and Vox’. 

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British Residents: 

If you are a British citizen living in Spain and wish to vote in the next municipal elections on 23 May 2027, please take note!

It has now been confirmed that UK residents who wish to vote must re-register, even if they voted in the previous municipal elections in 2023.

Applications must be submitted between 1 December 2026 and 15 January 2027.

British citizens who are aged 18 or over; are legally resident in Spain and have been resident for at least three years by election day and are registered on their local town hall padrón.

The best way to apply is in person - at your local ayuntamiento. Bring your TIE/NIE documentation and your passport. 

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Europe: 

Brussels urges citizens to keep a minimum 72-hour emergency kit at home ready for emergency events and calls for children to be prepared to respond to crises. Furthermore, says 20Minutos here, ‘…with the aim of making preparedness a shared priority across Europe, the Commission proposes establishing an EU Preparedness Day, to be held every year on October 23, starting in 2027’. 

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Trump: 

‘Spain’s Prime Minister Pedro Sánchez, who has called out Trump before and who is fighting for his own re-election at the end of the month, wrote on X, “Yesterday, the American people voted against policies that only serve to impoverish people. Against hatred. Against sexism. Against climate denial and against the privileges of the elites. It happened in Brazil. It has just happened in the US. And it will happen soon in Spain.”’. 

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Crime and Punishment: 

From Levante here: ‘The Guardia Civil have arrested the founder of "Blocus" in Spain in the town of Picaña (Valencia); he instigated the riots in Barcelona and was orchestrating those planned for Valencia this past Saturday. He is a 25-year-old Spanish national of Pakistani origin. Investigators believe he is the mastermind behind the riots that took place recently in Barcelona’. El Mundo reduces his age to 20: ‘A week undercover with the "Blocus"—a violent group led by Alfayez, a man of Spanish-Pakistani heritage, from a town in Valencia. He bears the visage of a "Mocro Maffia" kingpin, yet he is a 20-year-old born in Spain to Pakistani parents. Alfayez A. A. was the leader of the "Blocus" movement in Spain—the uprising that, as of last Saturday evening, threatened to loot major retail stores. The judge has ordered him to be held in provisional detention without bail’. There have been sixteen arrests across the country so far. 

El Confidencial says that ‘Koldo García, condemned to 19 years prison for his part in the Covid masks scam, set a trap for the PP, and his lawyer has been offering an audio recording for months as an act of revenge. Leticia de la Hoz, the lawyer for Koldo García Izaguirre, has indicated to those around her that she possesses evidence that the PP attempted to bribe her client to implicate Pedro Sánchez’s government in a corruption case’. El Plural takes the story further: ‘The payment of 242,000 euros by the publisher of OkDiario – the [far-right] newspaper run by Eduardo Inda – to cover the legal defence costs of Koldo García has once again drawn attention to the relationship between the outlet and the PP’. What, asks the article, does Inda (and indeed the PP) get in return? 

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Media: 

The popular TV show La Revuelta has so far featured Pedro Sánchez, Gabriel Rufián and Irene Montero. While Feijóo says he’s not interested, Santiago Abascal has agreed to be the guest on the show presented by David Broncano on Monday November 9th. 

The TV news channel La Séptima begins broadcasting today Thursday. 

From El Salto Diario here: ‘This is how the PP funds Eduardo Inda: Ayuso and Almeida have injected four million euros into ‘OkDiario’ over six years. Institutional advertising from the two Madrid administrations, campaigns by the public company Canal de Isabel II, and minor contracts are some of the ways in which the Partkido Popular sustains the pseudo-media outlet run by Eduardo Inda (Wiki)’. 

From El HuffPost here: ‘Anna López Ortega, political scientist: "Far-right falsehoods (‘bulos’) are effective because they appeal to fear."’. 

Interesting opinion from The Article here: ‘…Spain had been progressing nicely with more prosperity, more jobs and good rights for women and gays. Now much of this is under threat with the Right, the PP, showing willingness to pact with Vox, the populist far-Right. PP alone would not have been as great a potential problem. As a generalisation PP often attracts the older voters. Vox seems more mixed in age but predominantly male. It attracts those who are disaffected with liberal leftie views. Spanish use the word zurdo for a leftie. Its basic meaning is left-handed. Vox, as with many ultra parties throughout Europe, also uses racism and Islamophobia as a pull for those who might not vote that way otherwise…’ 

Business over Tapas says ‘hello!’ to Aquí Madrid readers. 

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Ecology: 

InfoLibre says: ‘Aragón gives the green light to 82 massive data centres, amid a lack of transparency and concerns from local residents. The two Amazon Web Services centres alone will occupy 296 and 459 hectares respectively—together, the equivalent of 1,057 soccer fields’. 

Some politicians can be weak over the threat of climate change. elDiario.es says: ‘The PP Government, supported by Vox, removes the Sub-directorate for Climate Change from the Valencian Generalitat and renames it “Extreme Meteorological Changes.”’. A second article says: ‘From shutting down the Climate Change Agency to allowing development in flood-prone areas: the climate-denialist policies of the PP and Vox, even in the wake of the DANA floods. After abolishing the Valencian Emergency Unit, the right and far-right dismantled the Climate Change Agency and scrapped various taxes aimed at penalizing polluting emissions; furthermore, they authorized the construction of hotels within 200 metres of the coastline and advanced some twenty urban development plans in flood-prone zones’. 

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Various:

From El País in English here: ‘Spain’s high-speed train control centre: state-of-the-art software and tremendous pressure. Following the second major crash in under a year, unions are blasting working conditions at the epicentre of Adif’s network management’. 

'La bola negra overtakes Spider-Man to become the most-watched film of the year in Spain. The Spanish film surpassed 5.5 million admissions this weekend, making it the top-selling movie of 2026. In terms of box office revenue, it is also set to take the number one spot within a few days. 

The Instituto Cervantes is a worldwide nonprofit organization created by the Spanish government in 1991. It is named after Miguel de Cervantes (1547–1616), the author of Don Quijote and perhaps the most important figure in the history of Spanish literature. The Cervantes Institute is the largest organization in the world responsible for promoting the study and the teaching of Spanish language and culture. This organization has branched out to 52 countries with 103 centres devoted to the Spanish and Hispanic American culture and Spanish language (Wiki). Aquí Madrid recalls how it all began here and the part played by Business over Tapas colleague José Antonio Sierra Lumbreras, who earlier created in 1971 and ran the Spanish Cultural Institute of Dublin, a forerunner of the Instituto Cervantes.  

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See Spain: 

From Up a Mountain in Spain here: Pou de Piques Bodega, Albocàsser, (Castellón), October 2026. ‘This is the latest in the year that I have ever been invited to the bodega of Pou de Piques to see the wine harvest. To be honest there was not much of one left, and the grapes were very small due to the extreme heat provoked by climate change…’ 

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Finally: 

Carlos Santana with Natalia Lafourcade – Hermano on YouTube here.