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Spain faces a critical housing shortage, with prices skyrocketing and social housing coverage at a minimum. While investment in social housing is needed, the influx of corporate landlords and financial speculators is further destabilizing the market.
In Spain, the housing crisis is more severe than in much of Europe. Home prices have increased by 90%, compared to an EU average of 65%, while the stock of social housing represents only 1.7% of the total, versus 7% for the Union as a whole.
El modelo associate británico para vivienda social
Hundreds of people gathered outside the Congress during the housing decree vote, chanting 'No nos vamos, nos quedamos' (We're not leaving, we're staying). Building social housing is clearly part of the solution, though it requires a long-term vision. A successful example is the United Kingdom's housing association model, where surpluses are reinvested in constructing and maintaining affordable homes.
'Rents return to a fund that works for the public interest, so resources are reinvested,' says Edwards. 'This is, so to speak, a virtuous circle.
' However, the rise of large corporate landlords is also part of the problem, especially in high-demand areas. The Commission estimates that to meet current demand, 15 million new affordable homes need to be built over the next decade. Institutional investors, attracted by high returns, have significantly increased their share of the rental market. In Germany, these investors own nearly 25% of the market, a figure that has multiplied by over forty in two decades.
Grandes propietarios e inversores institucionales
'This is the clearest case' of large owners entering the market through distressed assets. After the 2008 bubble burst, investors capitalized on the wave of defaults and foreclosures to build their portfolios. Today, the market is driven less by mortgage credit and more by accumulated real estate wealth and the search for profitability.
'The large players... do not operate according to the laws of the real estate market. They move based on interest rates and the evolution of other financial markets. They are not interested in the homes per se, nor in renovations, sustainability, or energy efficiency.
Regulación europea para vivienda asequible
' While the EU does not have housing competencies, it has proposed a regulation to define 'affordable housing' and enable intervention where thresholds are crossed. Fernández advocates for the creation of public or semi-public property institutions funded by public money, echoing the mechanisms used in Europe during the post-war period.
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