6 Oct, 2021 @ 17:45
1 min read

Monthly €250 incentive for young Spaniards to leave home proposed by PM Pedro Sanchez

Pedro Sanchez Pm
MADRID, SPAIN - JUNE 04: Spain's new Prime Minister Pedro Sanchez talks with the President of Ukraine Petro Poroshenko during a meeting at Moncloa Palace on June 4, 2018 in Madrid, Spain. This is the first official meeting for Pedro Sanchez since becoming Spain's new Prime Minister after winning the no-confidence motion against ousted Prime Minister Mariano Rajoy. (Photo by Pablo Blazquez Dominguez/Getty Images)

SPAIN’S President Pedro Sanchez says that young Spaniards should be offered a monthly bonus towards rent to help them move out of their family home.

The €250 benefit would be handed out for up to two years, and forms part of a broader housing package, announced on Tuesday October 5.

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HELP WITH RENT: Spain’s young may soon find it easier to afford rents

Fear of an instant rise in typical rents has meant a rental law will also be drafted up to introduce rental caps for property owners, especially in areas where rent has soared in recent years.

Whilst Spain has one of Europe’s highest rates of property ownership, it also means less than 25% of domestic properties are rented.

In the twin metropoli of Madrid and Barcelona, rents have risen exponentially while income has dropped by over 7% in the last year due to the Covid-19 pandemic.

“Housing is a grave problem in our country,” Mr Sánchez said.

If his plans come to fruition, the bonus will be paid by Spain’s regional authorities to under-35s who earn less than €23,725 a year.

Reports from Eurostat show that Spaniards don’t leave the family home until an average age of 30, with the EU average being 26, according to Eurostat figures.

Chronic unemployment figures point to the reason why young adults stay at home, with Spain’s unemployment rate of over 30% is among the highest in under-25’s throughout the EU.


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