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News
"Housing is the main bottleneck for Spain's economic growth"
“
18
ABR
"Housing is the main bottleneck for Spain's economic growth"
European Central Bank (ECB) Vice President Luis de Guindos called the housing issue a "bottleneck" for sustainable economic growth in Spain. He explained this by the sharp increase in demand compared to supply. However, unlike the crisis that erupted in the late 2000s (the so-called mortgage boom), the current financial system is in good shape and "there is no credit bubble." He explained the rise in house prices by the fact that demand significantly exceeds supply.
Speaking about economic growth, Guindos pointed out that in Spain it is significantly higher than the European average. However, per capita GDP growth, which directly affects the level of well-being, is lower due to the sharp increase in the population, mainly due to immigration. At the same time, he emphasized that immigration is necessary and useful for both the Spanish and European economies, but it must be organized. "The population is growing strongly due to immigration, which I think is a positive factor given the demographics of Spanish society," he said. According to him, this increases the demand for housing, especially rented housing, while the supply is decreasing, leading to an increase in prices. In this regard, he called on the Spanish authorities to carefully analyze the situation.
Speaking about economic growth, Guindos pointed out that in Spain it is significantly higher than the European average. However, per capita GDP growth, which directly affects the level of well-being, is lower due to the sharp increase in the population, mainly due to immigration. At the same time, he emphasized that immigration is necessary and useful for both the Spanish and European economies, but it must be organized. "The population is growing strongly due to immigration, which I think is a positive factor given the demographics of Spanish society," he said. According to him, this increases the demand for housing, especially rented housing, while the supply is decreasing, leading to an increase in prices. In this regard, he called on the Spanish authorities to carefully analyze the situation.
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