Muscat: Spanish Prime Minister Pedro S¡nchez announced today, Monday, the launch of a new investment fund named "Spain Growth" with a total value of £120 billion (approximately $142 billion) aimed at tackling the country's worsening housing crisis.
According to Yemen News Agency, S¡nchez explained that the fund will pool resources from both public and private sources, with an initial contribution of £10.5 billion from the European Union, enabling the construction of around 15,000 homes annually and enhancing housing availability. Additional resources will also be allocated to support projects in energy, digitalization, artificial intelligence, and security.
This move comes amid rising home prices and soaring rental costs, which have doubled over the past decade, making the housing crisis one of the most pressing challenges facing Spaniards.