Smaller households will drive the growth in demand for new housing in Spain, claims a study by the Centre for Economic Forecasting (Ceprede).
Housing demand will rise by 85,000 units per year for the next six years, as demographics and population decline push Spain towards demand for a greater number of homes suitable for smaller households, claim Ceprede.
Figures from the National Institute Of Statistics (INE) point towards a population decline of more than million people between now and 2030. That will reduce the overall demand for housing.
Pushing in the other direction, however, Ceprede envisage an increase in the number of new households of 145,000 per annum, driven by decline in household size from 2.5 people per household to 2.2 in 2030.
The Spanish population is forecast to decline in 2016 from 46.4 million to 46.3 million, but the number of households are forecast to increase, from 18.3 million today to 18.5 million, all according to figures from the INE.
By the year 2030, the population is expected to decline to 45.1 million people, and the number of households to rise to 20.6 million.