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The combination of sustained demand, insufficient housing supply, and still-high financing costs is pushing housing affordability to historic levels of strain.
The real estate market in 2026 is going through one of its most challenging periods in decades. The continuous rise in both sales prices and rents, together with a clear shortage of available homes, has triggered a genuine accessibility crisis, hitting young people, middle-income families, and vulnerable groups the hardest.
According to industry data, in many urban areas prices have already surpassed pre-pandemic highs, with annual increases reaching between 8% and 10% in some municipalities. Renting has become the main option for those unable to access a mortgage, but this additional demand has also driven monthly rents sharply upward.
Limited supply and insufficient new construction
One of the main drivers behind this tension is the lack of supply. New housing construction has failed to keep pace with growing demand, fueled both by population growth in certain areas and by continued real estate investment, which still sees property as a safe-haven asset.
This is compounded by high construction material costs, a shortage of ready-to-build land, and slow urban planning and permitting processes, all of which hinder the development of new projects. The result is a market with far more potential buyers and renters than available homes.
Social and economic impact
The accessibility crisis is already producing visible effects: delayed independence among young adults, a higher share of household income devoted to housing, and difficulties for cities to attract and retain talent as prices soar. Businesses and public administrations warn that the lack of affordable housing could become a brake on economic growth.
At the same time, increasing pressure is being felt in suburban and outlying areas, where prices are still lower but infrastructure and public services are not always prepared to absorb rapid population growth.
What solutions are on the table?
Experts agree that a medium- and long-term strategy is needed, based on three key pillars: increasing housing supply—especially affordable housing—streamlining construction and renovation processes, and strengthening public-private partnerships.
Policies encouraging the rehabilitation of vacant or underused buildings are also gaining traction, along with incentives for owners to bring properties onto the rental market with greater security and guarantees.
In this context, 2026 is shaping up to be a decisive year in determining whether the accessibility crisis becomes a structural problem or whether the housing market can be steered back toward a more balanced and sustainable path.
