Housing crises impact Spain and Mexico as prices surge

Spain and Mexico are facing significant housing crises characterized by rising costs and accessibility issues. In Spain, the housing market is under heavy tension, with prices in cities like Madrid and Barcelona exceeding 4,000 euros per square meter. This has forced even high-income buyers to seek mortgages, as cash purchases have dropped to their lowest level in five years. Data shows a growing gap between housing supply and demand, with an estimated deficit of 700,000 units. Younger generations in regions like Galicia are seeing their household budgets plummet due to high rental and mortgage costs, often reaching levels similar to those of pensioners.

In response to these structural issues, various regional and national measures are being implemented. In Mallorca, the Consell has ceded land for the construction of 323 social housing units. In Galicia, the regional government faces scrutiny over budget execution for housing and infrastructure. Meanwhile, in Mexico, President Claudia Sheinbaum has defended the government's policy of forgiving unpayable mortgage debts through Infonavit, describing the move as an act of "justice" for workers and stating it does not constitute a deficit to the institution.