Savills identifies urgent housing supply shortage in Malaga
What happened
Savills stated that the increase in house prices is due to a real and urgent supply problem in Malaga. The consultancy calculated that the city requires 60,000 homes to meet projected population growth, but current projections suggest only 15,000 homes will be built over the next ten years. This shortage is compounded by delays in planning procedures, construction costs, and labor shortages in the building sector.
From surinenglish.com
Why it matters
The report indicates that the city's maximum residential capacity is 30,000 homes over the next decade. Even with favorable conditions, only 45% to 50% of this capacity could be built. Streamlining planning procedures could potentially add 8,000 to 10,000 additional homes to the market.
A report highlights unique housing market pressures currently facing the city of Málaga.
From surinenglish.com
Who's involved
- SavillsReal estate services provider that conducted the housing supply analysis.
- MalagaThe city where the housing supply issues are being analyzed.
- AndalusiaThe autonomous community of Spain where Malaga is located.
- Francisco de la TorreThe Mayor of Malaga, responsible for local governance.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.