pain built it first. Its own court just killed it.

Spain's Supreme Court has struck down the national short-term rental registry, the one Madrid built to be the first EU country to comply with Regulation 2024/1028.

The ruling is straightforward: the central government overstepped. Tourism is a regional power in Spain, and the state had no authority to run a parallel national system on top of registers the regions already controlled.

A few numbers worth sitting with:

→ ~111,000 homes had applications rejected under the system. Many may now relist, if they hold the right regional licence.

→ FEVITUR puts the average loss per affected owner at ~€33,000.

→ Compensation claims against the state could reach €160 million.

It's worth being clear on what this isn't, though: it isn't deregulation. The Digital Single Window and platform data-sharing survived. Reporting continues. What changed is who holds the reins, the fight moved from Madrid back to the regions, where Barcelona still plans to revoke all 10,101 tourist licences by 2028.

So this isn't simply a win for operators. It's a reminder of what happens when a government races to be first and builds on contested ground.

Full breakdown in today's episode.