Young people across the globe have been priced out of local real estate markets, and Spain is no exception. Now the government is looking at initiatives to boost residential stock, fuelled by the working-from-home phenomenon and an abundance of empty buildings.

Madrid

Young people worldwide are finding it increasingly difficult to afford real estate within their local markets, with Spain standing as a prime example of this crisis. The Spanish government is actively considering several initiatives aimed at enhancing the availability of residential properties. These efforts are motivated by the growing trend of working from home and the significant number of unoccupied buildings across the country.



Spain looking at initiatives to boost residential stock

Light-filled, 162 square metres, with all the amenities you need. That could be the new listing for this office space turned home in the heart of Madrid. It would require minimal work to turn it into housing, and even the space is sufficient to create several units. As working from home continues to boom in the capital, hundreds of buildings remain empty. Now, Madrid's regional government has a plan to convert them into 20,000 housing units. The aim is to facilitate the change of use from office to residential for an initial period of two years. Like much of Europe, Spain's housing boom has far outpaced its wage growth, heralding a problem for young people priced out of the market and people seeking social housing. A recent report by the OECD outlined how only 1% of the housing stock is social, compared to an average 7%. Spain's average rental prices have risen around 40% in the last decade, and the down payment for a new home is almost four times the average annual wage. Experts hope this initiative will help boost supply to meet demand. For more obsolete buildings which are not adapting to trends will be subject to transformation. It could be the solution to the lack of residential stock, as long as urban planning and architectural regulations allow it. Countries like New York and London are also looking at similar initiatives. The task ahead will be to ensure that urban landscapes meet residential standards.

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