Spain to help young citizens fly the nest with foreclosed homes

Old block of flats are seen in the district of Tetuan with the Four Towers business district in the background, as Spanish government is due to pass a property reform to allow 50,000 homes in its social housing scheme in Madrid, Spain, April 17, 2023. REUTERS/Isabel Infantes

Spain is aiming to help millions of young adults still living with their parents to rent their own homes by offering them properties abandoned when its housing market collapsed a decade ago.

The rising cost of rent is set to become a key campaign issue as Spain gears up for regional ballots on May 28 and a general election later in the year. Just 16% of young people in Spain live independently, compared to an average of 32% in Europe, according to the Observatory of Emancipation.