off-the-wire

Spain to build 20,000 social houses on defence ministry land

Kitco Media
By Reuters
Published:
Updated:
Reuters

MADRID, April 25 (Reuters) - The Spanish government will build 20,000 homes for social housing on land owned by the defence ministry, Prime Minister Pedro Sanchez said on Tuesday.

The rising cost of rent is set to become a key campaign issue as Spain gears up for regional ballots on May 28 and a general election later in the year.

Just 16% of young people in Spain live independently, compared to an average of 32% in Europe, according to the Observatory of Emancipation.

Overall, the government plans to revamp and build 113,000 homes for social housing, including the conversion of 50,000 foreclosed homes under management by Spain's bad bank Sareb.

It is also building and revamping of 43,000 more homes for which it will use 4 billion euros ($4.4 billion) from European Union rescue funds to lend to developers and owners to transform houses into social housing, rent them at an affordable price or transfer their use for at least 50 years.

Reporting by Emma Pinedo; Editing by Jesús Aguado
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