Series: Occasional Papers. 2013.
Author: Directorate General Economics, Statistics and Research.
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Abstract
This paper describes the main features of the Spanish housing market during the latest
expansionary period (2014-2019), and discusses two aspects relating to its recent situation.
First, it analyses the evidence of households’ possible housing affordability difficulties. It
finds that these difficulties have been exacerbated in recent years, especially for specific
groups such as the young and low-income households, and particularly in certain zones,
such as the major metropolitan areas. Next, it reviews the ensuing consequences from
the standpoint of economic efficiency and of social challenges, analysing potential public
measures that might be considered to alleviate these difficulties. Finally, it assesses the
potential systemic risks associated with the residential real estate market, concluding that
these were, at end-2019, more limited than those prevalent in the run-up to the financial
crisis that broke in 2008.