Housing shortage: a global problem beyond Spain
Access to housing has become one of the greatest challenges for Spanish society. This is confirmed by the Ipsos Housing Monitor study, which notes that 74% of the population believes that this issue is not receiving the necessary attention. Dissatisfaction is particularly high in Spain: the country tops the European ranking, with only 48% of respondents declaring themselves satisfied with their current housing. Furthermore, three out of four people (76%) believe the country is heading in the wrong direction regarding housing.
In fact, in its latest report on households and individuals, the Bank of Spain warns of the deficit of 740,000 homes the country has been dragging along for more than a decade.
Among the causes behind this situation, CaixaBank Research points to several factors in a recent analysis: the lack of developable land, the shortage of skilled labor, an increasingly complex regulatory environment, and construction costs that, while showing a moderate trend over the past year, remain 30% higher than 2019 levels. Together, these factors paint a picture where the housing supply faces serious limitations in keeping pace with real demand.
Housing Deficit: A Global Problem
In its latest Real Estate Research report, asset manager DWS warns that housing supply across Europe is shrinking, while new construction has collapsed in most market sectors and locations. The firm also estimates that Europe has accumulated a deficit of around 1.4 million residential units since 2011. The shortage is particularly acute in markets such as Germany, the UK, the Netherlands, and Spain. Specifically, the gap is estimated at 1,357,964 homes.
The Case of the United States
Across the Atlantic, the trend is similar. The housing shortage in the United States reached unprecedented levels in 2023, with an estimated deficit of 4.7 million units, according to an analysis by Zillow based on the latest census data.
Although 1.4 million new homes were added last year, the creation of 1.8 million households widened the gap by another 159,000 units, cementing the imbalance between supply and demand as one of the main drivers of the crisis. This shortage has forced 8.1 million families to share housing with non-relatives, a solution driven more by financial necessity than choice.
The problem is especially notable in major urban centers such as New York, Los Angeles, Boston, San Francisco, and Washington D.C. However, the same study shows that in regions with fewer barriers to building new housing, developer activity reached 1.45 million completed homes in 2023, with forecasts pointing to 1.63 million soon—the highest volume since 2007.
Latin America: One of the Most Pressured Regions
While U.S. figures are particularly striking, the imbalance between housing supply and demand is a cross-border problem, and Latin America is no exception, being one of the region’s greatest structural challenges. According to the UN, 45% of households in Latin America lack adequate housing conditions, affecting nearly 300 million people.
This figure includes both the quantitative deficit—the complete absence of available housing, representing about 5% of the total—and the much more widespread qualitative deficit (95%), referring to homes that do exist but fail to meet minimum standards of habitability or safety.
The severity of the problem varies by country, though the shortage is widespread across the region. For example, in Costa Rica an estimated 11% of the population lives in inadequate housing conditions, while in countries such as Nicaragua the figure exceeds 80%.
Toward Structural Transformations
In Spain, various experts are calling on governments to address the shortage of land and push for legislative changes that facilitate and speed up construction processes. They stress the need for targeted housing policies to mitigate this deficit and reduce the concentration of the problem in markets such as Catalonia or Madrid.
In the U.S., proposed solutions include the promotion of accessory dwelling units (ADUs), duplexes, or triplexes—types of middle housing that could increase supply, particularly in high-demand urban areas.
What is clear is that access to housing is a challenge that transcends national borders. It requires rethinking market planning and regulation so that supply can respond more sustainably and effectively to continuously growing demand. There is no one-size-fits-all solution, but the urgency of boosting new housing construction is evident—especially in markets where supply has been stagnant for years.
Addressing today’s structural issues—scarcity of developable land, lack of skilled labor, high construction costs, and regulatory complexity—will be key. At the same time, the challenge also lies in adapting housing models to new social needs, with greater flexibility, sustainability, and accessibility, creating an environment that fosters viable and sustainable long-term developments.
