"The problem is that nothing is being built"
Construction exists. But not at the pace household formation demands.
In 2024, 136.187 homes were started.
That was 23.4% more than in 2023. But in that same 2024, the number of households grew by 251.899.
Homes started 2024
136.187
MIVAU
Households formed 2024
251.899
INE
Starts per household formed
0.54
2024
Recent construction vs new household formation
Sources: MIVAU — Boletín vivienda 2025 T2 · INE — ECH / ECP
i
What the data says
1 Construction exists and is recovering: the first half of 2025 totals 68.890 homes started.
2 The problem isn't "zero construction", it's that recent pace still falls short compared to household formation.
The accurate answer is two-sided: yes, homes are being built, but new supply still doesn't match all demand pressure.
Quarterly breakdown of homes started
| Quarter | Started |
|---|---|
| 34.147 | |
| 34.743 | |
| 39.743 | |
| 30.954 | |
| 34.532 | |
| 30.958 | |
| 28.279 | |
| 25.724 | |
| 27.172 | |
| 29.169 |