The Subgobernadora of the Banco de España, Soledad Núñez, warned on 23 September 2026 in Madrid of a rapidly growing housing shortage. In her closing address at the Forbes Economic Summit 2026 she put the accumulated shortfall since 2021 at around 755,000 units. Without decisive action, the deficit could grow by a further 300,000 or so homes by 2028, exceeding the one-million mark.
Núñez set the figures in a broader economic context. Geopolitical tensions, fluctuating energy prices and the costs of adapting to technological change were affecting housing supply and prices. This was putting particular pressure on young households and new arrivals in Spain . At the same time, she pointed to a solid starting position in the banking sector: lending remained cautious, while capital ratios and liquidity indicators were higher in June 2026 than previously, according to the institution.
The Banco de España sees this as requiring political action on the supply side. Measures cited included faster planning approvals, better coordination with infrastructure investment and a funding framework that creates housing available on a lasting basis. In the institution’s view, one-off interventions on the demand side often have only a limited effect without additional construction, or drive up prices in the short term.
The figures cited are based on the Banco de España’s published speech. They distinguish between recorded totals (the deficit since 2021) and a projection to 2028. Forecasts are subject to uncertainty; the institution announced that it would update its assessments in the coming weeks. In Núñez’s view, it is clear that the structural housing shortfall also poses economic risks, as well as social consequences: it curbs mobility and productivity, makes it harder to respond to regional labour demand and ties up income in rising rents.
This creates a trade-off for the public authorities between short-term relief and long-term expansion of supply. Núñez stressed that reforms must shorten planning and construction times, reduce legal uncertainty and make more efficient use of land. Data quality and monitoring should also be improved so that the effects of measures can be assessed promptly. The Banco de España thus presents housing provision as a key prerequisite for social inclusion and macroeconomic stability — and as a test of the capacity of the state, regions and municipalities to act in Spain.
Editor: Daniel Mayer (Article created with AI assistance).