Massive investment in luxury developments.
Credit: Alexey Tsepaev – Shutterstock.
Real estate experts are warning that there is a serious lack of affordable accommodation for workers on the Costa del Sol.
Highlighting the mismatch between average wages in the service sector and the real average price of rental accommodation, they urge councils to hurry up efforts to build affordable housing solutions or face the consequences of businesses not being able to hire workers.
Ricardo Arranz, president of the Andalusian Federation of Developers and Residential Tourism, was speaking at the Residential Tourism Day at the Villa Padierna de Benahavís hotel.
Demand for agility on housing crisis from government
The promoter demanded ‘agility on the part of the regional government in terms of the housing issue’ and to have at a political and official level ‘a plan to be able to get development under way.’
He went on to explain that with the high percentage of luxury accommodation on offer, the Costa del Sol was ‘in danger of dying from its own success’ due to pricing service workers out of the housing market. ‘It is very difficult to provide services to the region if we do not have accommodation for the people who are going to give those services,’ he explained.
With so much focus on wealthy foreign investors, who are currently the target customer for many developers, quality and quantity are diminishing for everyone else.
