Trends in the Subsidized Housing Market
In the first half of 2025, Spain saw a significant increase in the number of new government-supported housing units. According to the Ministry of Housing and Urban Agenda, 5,843 final permits were issued for such apartments in six months — the highest figure for this period since 2014. Despite this positive trend, volumes have yet to reach the levels seen at the end of 2012, when over 7,000 such units were registered in December alone.
Changing structure: focus on rentals
For the first time in recent years, most new subsidized apartments are designated for rent. From January to June 2025, this segment accounted for 2,999 units. In comparison, 2,138 apartments were allocated for sale, while another 661 properties fell into other ownership categories, including schemes involving public-private partnerships. The rent-to-own option was not used during this period.
Comparison with previous years
Looking at statistics since 2014, an average of 497 subsidized apartments per month entered the market for sale, while only 153 were offered for rent. However, in 2025, the situation changed: around 500 rental apartments and 364 for sale are approved monthly. This indicates a shift in market priorities.
Regional differences and the role of the private sector
The highest number of new units was recorded in Madrid — 2,049 apartments. Next are Andalusia (1,185) and Catalonia (1,126). Meanwhile, in several regions such as La Rioja, Murcia, Cantabria, the Canary Islands, as well as in the autonomous cities of Ceuta and Melilla, not a single new subsidized unit was registered.
Contribution of private and public developers
In the first half of 2025, 77.6% of all new price-capped apartments were built by private companies. This amounts to 4,534 units. Public entities provided 1,309 apartments, accounting for 22.4% of the total. Over the year, the private sector increased construction of these units by 55.9%, while the public sector grew by 29.4%.
