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PROPERTY SEARCH

Date Published: 17/04/2023

ARCHIVED - Spanish government commits to providing 50,000 more affordable homes

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The property reform aims to help younger people in Spain get a foot on the property ladder

<span style='color:#780948'>ARCHIVED</span> - Spanish government commits to providing 50,000 more affordable homes

A new initiative has been launched by the Spanish government to tackle the “problem” of a lack of affordable housing in the country, particularly for younger people. At a rally in the Valencian Community over the weekend, President Pedro Sanchez committed to providing 50,000 rental homes at lower prices across Spain, with the aim of helping youngsters move out of their family homes sooner.

The property market in Spain is rebounding nicely after a crash during the pandemic, and housing prices took a big jump in the first quarter of this year, making it more difficult than ever for the younger generation to get their foot on the ladder. By expanding the availability of public housing stock, President Sanchez hopes to “cushion” this rise in prices.

Spain currently has the third-highest number of empty houses in the entire European Union and the government now wants to ensure that 20% of these homes are earmarked as affordable rental properties for lower-income earners.

The properties that will be included in the initiative are all owned by SAREB, a financial entity established in 2012 that specialises in managing and selling the assets of rescued banks.

As part of the housing reform, Mr Sanchez has agreed to make 21,000 houses available to regional governments as well as to constructing as many as 15,000 new homes that can be offered as “affordable housing.” At the same time, a social rental scheme will be promoted throughout the 14,000 SAREB homes currently occupied by lower earners.

Following the announcement, Minister of Social Rights and the 2030 Agenda, Ione Belarra, stressed that “all SAREB homes must be available to the public rental housing stock,” a move that she believes should be “obvious” if younger people in Spain are to have a chance at moving onto the property ladder.

See also: Gerry The Monk Hutch plans new life in Spain if cleared of murder in Ireland

Image: Pixabay

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