Soledad Núñez, Deputy Governor of the Bank of Spain, warned on Wednesday that the national housing deficit could reach one million units by 2028. Speaking at the Forbes Economic Summit, she noted the shortfall is set to grow by 300,000 units over two years.
The central bank identifies a critical lack of residential supply as the primary market issue. Data shows Spanish real housing prices have multiplied by 3.5 since 1980, far outstripping the 1.8 increase seen across the Eurozone and local income growth of 1.8.
While private credit has expanded in sectors like manufacturing and IT, much of this funding originates from outside the Eurozone. The widening gap between property costs and disposable income remains a significant concern for the Spanish financial system.