Finance expert Luis Garvía argues that the middle class is no longer defined by owning a home, but by gathering the money for a down payment to secure a mortgage. He presented this on laSexta Xplica.
According to El Confidencial, finance expert Luis Garvía believes that families no longer measure their stability by owning property, but by their ability to gather the down payment and access a mortgage. For him, job insecurity and lack of supply are changing traditional social parameters.
During his appearance on laSexta Xplica, Garvía was particularly harsh regarding the impact of inheritance on the market:
“It is an absolute disaster that a third of the homes that will be allocated in the market in the next 10 years will be through inheritance.”According to his analysis, the problem lies not only in the transmission of wealth but also in the scarcity of available housing, which raises the barriers for those wanting to buy.
The economist warned that the middle class is disappearing and summarised it in one phrase:
“The middle class is no longer about owning a home, but about having the down payment to access a house and mortgage it.”Young people, with low salaries and temporary contracts, find their savings and financial planning limited, distancing them from home ownership.
Garvía also pointed out the unequal distribution of properties:
“45% of homes are owned by people over 65 who, moreover, receive pensions.”In his view, this concentration, combined with the lack of new affordable constructions, creates a cycle he described as
“a fish that bites its own tail.”Therefore, he advocated for an urgent rethinking of housing policies.
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