The Housing Crisis Paradox: A Comparative Analysis of Malaysia and Spain
Abstract
Housing affordability is a persistent global challenge, shaped by interdependent financial, social, spatial, and governance dynamics. This study compares Malaysia and Spain, revealing systemic paradoxes in which surplus housing coexists with restricted access and costs increasingly outpace incomes. Using qualitative documentary analysis, cross-case comparison, and systems mapping, it identifies shared and context-specific structural contradictions, such as the spatial isolation of affordable units in Malaysia and the low supply of social housing in Spain. Findings highlight that housing crises emerge from complex, reinforcing interactions rather than simple supply shortages, underscoring the need for anticipatory, system-informed, context-sensitive approaches to housing planning.
References
Aalbers, M., Rolnik, R., & Krijnen, M. (2020). The Financialization of Housing in Capitalism’s Peripheries. Housing Policy Debate, 30, 481 - 485. https://doi.org/10.1080/10511482.2020.1783812
Alarcos, A. P. (2024, May 10). Spain lags behind Europe in social housing, with prices at record levels. Idealista. https://www.idealista.com/news/inmobiliario/vivienda/2024/05/10/817043-espana-a-la-cola-de-la-vivienda-protegida-en-europa-y-con-el-precio-en-niveles
Banco de España. (2023). The Spanish housing market: Recent changes, risks and affordability problems. In Annual Report 2023 (Chapter 4). https://www.bde.es/f/webbe/SES/Secciones/Publicaciones/PublicacionesAnuales/InformesAnuales/23/Files/InfAnual_2023_Cap4_En.pdf
Department of Statistics Malaysia, Ministry of Economy. (2024). Household Income Malaysia, 2024. http://www.statistics.gov.my/uploads/release-content/file_20251008112329.pdf
Economic Planning Unit, Ministry of Economy. (2021). Twelfth Malaysia Plan, 2021–2025 (RMKe 12). https://rmke12.ekonomi.gov.my/en/information/about-twelfth-plan
Ellis, H. (2025). The Role of Town Planning in Solving the Housing Crisis. *The Political Quarterly*. https://doi.org/10.1111/1467-923x.70009
Eurostat. (2023). Tourist accommodation establishments, 2023 [Chart]. Eurostat. https://ec.europa.eu/eurostat/statistics-explained/index.php?title=File:T2_Tourist_accommodation_establishments,_2023.png
Eurostat. (2026). House prices – Euro area and EU – Index levels, Q1 2010 – Q1 2025, 2026 [Chart]. Eurostat. https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Housing_price_statistics_-_house_price_index
Fu, Y., Qian, W., & Yeung, B. (2015). Speculative Investors and Transactions Tax: Evidence from the Housing Market. Urban Economics & Regional Studies eJournal. https://doi.org/10.2139/ssrn.1930125
Holgersen, S. and Blackwell, T. (2025), Housing Crisis or Immiseration? Revisiting the Housing Question under Urban Capitalism. Antipode, 57: 1515-1535. https://doi.org/10.1111/anti.70026
Instituto Nacional de Estadística. (2021). Population and housing censuses 2021: Results on households and dwellings [Press release]. https://www.ine.es/en/prensa/censo_2021_jun_en.pdf
Jabatan Penilaian dan Perkhidmatan Harta, Kementerian Kewangan Malaysia. (2025). Sorotan Laporan Pasaran Harta. https://napic.jpph.gov.my/
Janoschka, M., Alexandri, G., Ramos, H., & Vives-Miró, S. (2020). Tracing the socio-spatial logics of transnational landlords’ real estate investment: Blackstone in Madrid. European Urban and Regional Studies, 27, 125 - 141. https://doi.org/10.1177/0969776418822061.
Kamaruzuki, M. N., & Jas, A. F. (2025, December 12). A quick look at the KL residential rental affordability market (VIEWS 82/25). Khazanah Research Institute.
Marín, J. L. (2025). Is this the end of affordable housing in Europe? Prices have risen faster than wages. El Orden Mundial. https://elordenmundial.com/mapas-y-graficos/fin-vivienda-asequible-europa-precios-salarios/
Páez, Abigail. (2025). La falacia de la regulación del alquiler en España: cómo la ley de vivienda de 2023 agrava la crisis del mercado inmobiliarioThe fallacy of rent regulation in Spain: how the 2023 housing law worsens the real estate market crisis. Revista Crítica de Derecho Inmobiliario. 1905-1945. 10.36151/rcdi.2025.810.03.
Rahman, M., Awang, M., & Jagun, Z. (2024). Polycrisis: Factors, impacts, and responses in the housing market. *Renewable and Sustainable Energy Reviews*. https://doi.org/10.1016/j.rser.2024.114713
Seijas, N., & Merino, Á. (2025). Empty houses and homeless people: The number of homes per capita in the EU. El Orden Mundial. https://elordenmundial.com/mapas-y-graficos/viviendas-habitante-ue/
Ustaoğlu, E., & Williams, B. (2024). The Inter-Relationships of Territorial Quality of Life with Residential Expansion and Densification: A Case Study of Regions in EU Member Countries. *Urban Science*. https://doi.org/10.3390/urbansci8010022
Wetzstein, S. (2017). The global urban housing affordability crisis. *Urban Studies*, 54, 3159 - 3177. https://doi.org/10.1177/0042098017711649
Wijburg, G. (2020). The de-financialization of housing: towards a research agenda. Housing Studies, 36, 1276 - 1293. https://doi.org/10.1080/02673037.2020.1762847.
Willis, Claudine Meera & Mohsin, Aminah. (2025). Affordable Housing Schemes in Malaysia: A Review of Systematic Gaps. International Journal of Real Estate Studies. 19. 12-22. 10.11113/intrest.v19n2.417.
Yanatma, S. (2024). The number of homeless people is increasing: What is the situation in European countries? Euronews. https://es.euronews.com/my-europe/2024/07/15/aumenta-el-numero-de-personas-sin-hogar-cual-es-la-situacion-de-los-paises-europeos
Yin, Y., Senadjki, A., Nee, A., & Ogbeibu, S. (2024). Identifying the Housing Bubble Predictors in Asian Emerging Economy: Exploring a Novel Model Based on Opinions. SAGE Open, 14. https://doi.org/10.1177/21582440241266321
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Puteri Mayang Bahjah Zaharin, Maria Concepcion Perez Gutierrez , Muhammad Firdaus Mohamed Rafie, Kartini Kasmuri
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
