Posted by Spain is overhauling its housing legislation in the middle of an election campaign. This is relevant for Indemo because the platform purchases Spanish mortgage claims at a discount and recovers the money through enforcement proceedings. One possible outcome of this process is the acquisition of the property itself. This is precisely where the new rules come into play.
Two points are particularly relevant. First, residential properties may not be purchased for less than 70% of their value. Indemo interprets this rule as applying to properties rather than claims. It would only become relevant when a creditor takes ownership of the property. Second, there is a suspension of evictions. According to Indemo, this applies only to people in vulnerable social circumstances who have no alternative housing. Both interpretations reflect the platform’s position and have not been tested in court.
The new versions of RDL 28/2026 and RDL 29/2026 have not yet been passed. The election is scheduled for November 29.
For investors, nothing changes about the product for the time being. The risk lies in the time required to recover the money. If enforcement proceedings take longer, the annualized return decreases, even if the full amount is eventually recovered. Indemo itself anticipates delays in individual cases and points out that taking ownership of the property is only one of several possible recovery routes. Settlements, forced auctions, and the sale of claims remain unaffected by the 70% rule.