In the private sector, first doubts arise about the first measures to be approved Ministry of Housing. The portfolio, led by former Administration Spokesperson Isabel Rodríguez, will approve two economic ‘macro items’ in the Cabinet this month to increase housing accessibility through the Official Credit Institute (ICO): 4 billion euros to finance housing construction for affordable rental And 2 billion inside purchasing assistance guarantees Apartments are preferred by young people and families with children.
Although the measure was initially welcomed by the industry, it is currently The first critical voices are coming from within banking and real estate companies themselves. “We have had meetings with the Ministry of Housing and the ICO. Both lines are quite advanced, but we continue to make recommendations that will ensure that these are truly useful measures,” said Daniel Caballero, Director and Developer of CaixaBank Real Estate Business. at an event organized by the financial institution and Madrid real estate association ASPRIMA.
Caballero asked for flexibility from the State when articulating both lines of funding and warned: “If they are too rigid, private initiative will not act. We are waiting to see how far the flexibility of the ICO and the Ministry will go.” Mikel Echavarren, CEO of the consultancy firm Colliers, spoke with the same negativity: “Unfortunately, If he comes he will be lateIt will not happen through the efforts of private organizations. You can be more assertive. “Emergency access to housing is today’s problem, not yesterday’s problem.”
More precautionary suggestions from the private sector
At the same forum, the private sector demanded more “imagination” from the public administration when designing housing policy. Sergio Gálvez, CEO of organizer AQ Acentor, predicted: 1 billion euros amount required to facilitate Opportunity for 25,000-30,000 young people to buy a house. Along the same lines, Echavarren assured that it is not necessary to guarantee 15% or 20% of the purchase of a home that is not bank-financed, but that guaranteeing that percentage in the event of a hypothetical default is sufficient. a measure more affordable to the public purse.
The CEO and chairman of Colliers went a step further, demanding that VAT management be devolved in favor of communities: “The state collects over 20,000 million a year through VAT and lines of 6,000 million are approved. No, young people have to save 20 percent of the house they do not own the rest, If there is 10% VAT on the sale of that house, the state must guarantee it.“In addition to any taxes it generates during its production.” The purchase of second-hand properties is subject to the Property Transfer Tax (ITP), which varies in each region: in Madrid it is one of the lowest. In the whole of Spain it exceeds 6%, in other communities it exceeds 10% .
The person who spoke out at a previous event was Teresa Marzo, CEO of Elix. “Tax is a very important issue” significant cost our total investment, more than 25%. “Incentivizing housing at the tax level is more important than a luxury product.”
CaixaBank’s Real Estate Business Director and Developer defended the purchase guarantees already implemented in some communities: “The ICO is very good for the purchase of houses in the Balearic Islands, Andalusia and the Community of Madrid, even exceeding our initial estimates: We carried out 500 operations in the capital and more than 100 operations on the islands.In Andalusia, the figures are lower as the agreement was approved in late 2023. The result is good, but it is a light that shows us the path to follow so that young people can buy affordable homes. The value of those purchased with CaixaBank mortgages is between 109,000 and 156,000 euros.