The housing gap between major developed economies and Spain affordable rents rise to one and a half million houses. This is the figure that the Bank of Spain (BdE) estimates in its latest report on the real estate market and in which it exposes the keys to the current crisis that the market is going through.
In Spain, the social rental stock is very small compared to other advanced economies, standing at around 300,000 houseswhich represents 1.5% of main residences and 1% of the total housing stock. This ratio contrasts with the relative weight of the social rental housing stock in the average of European economies or the Organization for Economic Cooperation and Development (OECD), which is, in both cases, around 7% of the housing stock. housing.
“In France (14%), the United Kingdom (16.7%) or the Netherlands (34.1%), they are above this figure. Assimilating Spain to the average ratios of advanced economies would require to incorporate a figure of around one and a half million additional homes under the social rental regime”, explains the institution.
The reduction in the housing stock is, details the Bank of Spain, the result of the commitment of previous decades to a policy focused on public housing and the low budgetary allocation for social rents. This has happened both at the state level and at the CCAA level.
“In fact, the current deficit of social rental housing in Spain occurs despite the high investment effort made in public housing from the 1980s until the first decade of the 21st century,” he adds.
The effects of the brick crisis have also been noted in this area. During the period 1990-2009, Spain delivered 55,000 units of sheltered housing per year. Over the next four years, from 2010 to 2014, this figure would decrease by 15,000 units per year, to 40,000. From 2015 to today, only 8,000 have been delivered per year.
Throughout the document, the institution chaired by José Luis Escriva also refers to the Affordable Rental Housing Plan, which aims increase the social housing stock by 184,000 housing units intended for rental in the years to come.
For the BdE, achieving this objective would mean significantly increasing the recent figures for production of subsidized rental housing, which were barely 2,300 in recent years.
Likewise, during the same period, the provisional qualifications of new subsidized rental housing in the aforementioned plans amounted to around 3,500 housing units on an annual average. These figures show the modest production of new social rental housing over the recent period, and illustrate the quantitative scale of the effort that will be necessary to substantially and sustainably increase the production of this type of housing in order to reach the stated objectives,” he adds.
Vienna and Camp
This same week, the asset management company Bank Restructuring (Sareb) presented the specifications of one of the government’s major affordable housing projects, the Vienna Plan.
More precisely, Sareb has made public the specifications which will make it possible to offer construction on a rental basis. affordable housing of approximately 3,770 housing units on company land spread over 50 sites in 39 municipalities and with a population of more than 10,000 inhabitants.
The Viennese project aims to boost the public-private collaboration model in the affordable rental segment in the geographic areas in which Sareb has assets. For its development, the company has been working with PWC since 2022.
The deadline to participate in this tender opens this Friday, October 18, 2024 and will end on January 15, 2025. With this schedule, Sareb will resolve the process in the first half of 2025.
It’s not the only project that has started to accelerate its deadlines in recent months. Last October, Operation Camp was unlockedone of the great developments that will arise in Madrid in the years to come.
The new enclave covers 2,110,206 square meters. The 10,700 housing units will be built on a plot of land of 1,134,994 m2. Of the 7,000 protected housing units, 3,800 will be allocated to limited-price public protection housing (VPPL), 2,100 housing units to basic public protection (VPPB) and 1,100 rental housing units. The remaining 3,700 residences will be on the open market.
