- Spain's government has approved a comprehensive €7bn plan to address the country's housing crisis, a key political issue for Prime Minister Pedro Sánchez ahead of next year's elections.
- The initiative aims to triple government investment in public housing over the next four years, ensuring that subsidised properties cannot be reclassified and sold into private ownership.
- Approximately 40 per cent of the funds will be allocated to expanding the public housing supply, with another 30 per cent designated for property renovations, including energy efficiency upgrades and building in depopulated regions.
- The remaining funds will be used for subsidies, with a particular focus on assisting young renters and prospective home buyers struggling with escalating costs.
- Spain currently has one of the lowest rates of public housing for rent among OECD countries, with under 2 per cent of available supply compared to an average of 7 per cent.
IN FULL
Spain approves €7bn plan to tackle soaring rents and housing crisis
