26 March 2019 – Idealista
An American fund is looking to buy public land in Spain on which to build homes in line with the salaries of young people. The under 35s are the forgotten cohort, with low salaries making it impossible for them to afford current house prices. As a result, 14 million young people still live with their parents.
The real estate firm Centro Comercial Inmobiliario (CCI) is holding negotiations with the fund to create a property developer that will build homes for young people. They are particularly interested in areas on the outskirts of major cities, such as Madrid, Barcelona, Málaga and Valencia, where young people are typically priced out of the local property market.
The aim of the fund and CCI is to invest around €100 million to build 3,000 social housing properties both for sale and rent over three years.
Original story: Idealista
Translation/Summary: Carmel Drake