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A significant rental market outflow is evident, with 40% of homes sold in the four largest municipalities being former rental properties. The government’s Spring Budget’s announcement of a two-year freeze on social rents raised concerns among housing corporations about a potential EUR 47.4 billion capital investment shortfall, equivalent to the construction of 181,000 new homes or sustainability upgrades for 1.58 million existing homes. There is further concern regarding housing supply, with early 2025 building permit figures suggesting a widening gap with the government’s annual target of 100,000 new homes.