Spain’s government has approved a plan to boost its stock of low-rent homes as part of an effort to counter spiralling housing costs. Photograph: Andrey Rudakov/BloombergSpain’s government has approved a plan to boost its stock of low-rent homes as part of an effort to counter spiralling housing costs.
The initiative will see the government sell 21,000 homes from the Sareb “bad bank” – the nation’s equivalent of Ireland’s National Asset Management Agency – which was created to absorb assets from failed lenders during the euro-zone crisis, to local administrations to be used as public housing. Another 14,000 Sareb properties which are already occupied will have their status formalised and 15,000 more properties will be built on land belonging to the bad bank.
Properties destined for social housing make up only about 2.5 per cent of the total in Spain, among the lowest in the EU, where the average is 9 per cent. The Socialist prime minister, Pedro Sánchez, has pledged to raise Spain’s social housing to a fifth of its total.
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Source: IrishTimes - 🏆 3. / 98 Read more »