{
  "id": 13101686,
  "title": "Escrivá advierte de la caída de la inversión en vivienda e insta a acelerar la construcción de promociones protegidas",
  "url": "https://urgent.news/2026/10/09/escriva-advierte-de-la-caida-de-la-inversion-en-vivienda-e-insta-a",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-09T11:03:46.000Z",
  "source": {
    "name": "Expansion ES",
    "slug": "expansion-es",
    "url": "https://www.expansion.com/economia/2026/10/09/6ac7e651468aebd97d8b4580.html"
  },
  "original_language": "es",
  "account": "The Bank of Spain warns of a slowdown in real estate investment, urging a faster pace in building protected housing developments. The supervisor attributes this delay to the issuance of visas, rising costs, and difficulties accessing the electricity grid. The growing imbalance between supply and demand, coupled with tensions over new housing decrees, has led to the approval of two controversial housing decrees and the call for general elections on November 29th. This comes as the Bank of Spain's macroeconomic projections report shows that real estate investment is growing more modestly than expected due to restrictions limiting its expected dynamism. The supervisor points to a slower visa issuance, a decrease in the rate of completion of new homes, a rise in production costs, and challenges accessing the electricity grid as primary causes. Despite this, the institution notes that the increase in new housing starts since 2024 and the evolution of new bank financing for construction and real estate promotion activities could boost residential investment in 2027. However, the Bank of Spain cautions that the pace of construction is still restrained by structural limitations such as insufficient workforce, slow urban developments, or a shortage of final land. It states that around 60% of construction companies report that workforce shortages are negatively or very negatively impacting their activities. As a result, residential investment is expected to grow slowly over the projection horizon at a stable rate in the coming year. Yet, the supervisor suggests that if the private sector and public housing programs accelerate construction to meet demand, a more dynamic residential investment trajectory could materialize beyond the central scenario. In terms of public housing, the Bank of Spain calls for accelerating the pace of the protected housing development (VPO) programs promoted by various administrations to address the gap between new housing production and the net creation of households. Data released yesterday by the Ministry of Transport and Sustainable Mobility shows a rise in dwellings built in the first six months of the year compared to the same period the previous year, with almost double the number of protected dwellings at 11,270 and a 108% increase in VPOs that began construction. While an encouraging growth, it is insufficient to meet the demand growth and does not fulfill the promises by Prime Minister Pedro Sánchez to enable 184,000 homes during the current legislature.",
  "summary": "El supervisor atribuye al retraso en la construcción de vivienda nueva a la concesión de visados, el crecimiento de los costes y las dificultades para acceder a la red eléctrica, en un momento donde el desequilibrio entre oferta y demanda es cada vez mayor y en medio de las tensiones por los nuevos decretos de vivienda. Leer",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}