Examining Spain’s new price bubble and land management: the paradox of shortage of supply and vacant land
DOI:
https://doi.org/10.37230/CyTET.2025.225.4Keywords:
Credit process, Affordability, Vacant urban land, Rental housing, Residential model, Planning, Banking crisisAbstract
The shortage of new housing in the context of significant demographic and economic dynamism has led to a new price bubble, which has found its most severe expression in the rental market. Here, we analyse the causes of the paradox in which the lack of affordable housing coexists with a vast surplus of vacant land across much of the country. The structural and industrial issues that shape what we might call the bottleneck of land development emerge as a key differentiating factor. Among the most relevant factors to consider on the supply side, we find the concentration of ownership of vacant land (pending completion of its development planning) in special purpose institutions that stem from the resolution of the 2012 banking crisis and form part of its legacy, the roll of local governments and the limitations for rental market.
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