Supply, demand and need for housing in times of economic boom: the case of Valladolid and surrounding areas
Keywords:
Housing market, housing need, urban planning, real state production, housing bubbleAbstract
Over the 1996-2007 period there was a major economic boom in Spain. Developers built
and put on the marketed many more homes than in previous years. Demand took off as a result of
the growing population, immigration, increased purchasing power, the willingness of banks to
agree to loans and the expectations of rich pickings from investing in housing. This paper analyses
whether there was a balance between the supply and demand, and whether property production
was in line with the need for housing, understood in a broader sense than that of simply providing
shelter for people, while examining the causes of the process of excess production. The paper will
study the behaviour of the sector in four fields: Spanish territory as a whole, a region (Castile and
León), a province (Valladolid) and a metropolitan area (Valladolid and its satellite towns), where
will be analyse the role of planning. This process, which began based on the principle of increasing
the market’s freedom to lower prices, has ended with the compulsory purchase by the public as a
whole (the Spanish government) of homes that the market is unable to absorb.
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Copyright (c) 2015 Fernando Sánchez Mínguez, José Luis Sainz Guerra
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