The European Parliament has revealed that Europe is facing a significant housing deficit of about 10 million homes, exacerbating the ongoing housing crisis that has led to rising prices across the continent—up by 61% on average. The findings were presented in a final report during a session in Madrid and are slated for a vote on March 10. The report emphasizes that one in ten households in EU cities allocate more than 40% of their income to housing, illustrating the severe impact of this crisis on millions of citizens.

Led by Europarliament members Borja Giménez Larraz and Alicia Homs Ginel, the report primarily focuses on the insufficiency of housing supply as a core issue. It also suggests legislative amendments concerning the rights of property owners, recognizing the complexity of balancing tenant needs with property owner rights. Among the report’s key proposals are measures aimed at increasing housing availability as part of a broader strategy to alleviate the crisis.

This report proposes a “simplification package” designed to streamline processes for mobilizing European funds, aiming to enhance the supply of housing and tackle the affordability crisis. The implications of these findings could lead to significant policy changes within the EU, shaping future housing strategies and investment plans that address both demand and supply issues in the housing market.