Paris: Housing is one of the world's most important challenges both economically and socially, and this issue should stand at the center of international priorities, Yves-Laurent Sapoval, Ministerial Delegate for Sustainable Cities and Envoy for Urban Planning at the French Ministries for Territories, Ecology, and Housing, said during an event dedicated to the theme 'The Social and Economic Power of Housing' organized on the third day of the 13th session of the World Urban Forum (WUF13), APA reports.

According to Azeri-Press News Agency, a large share of global wealth consists of real estate, with housing accounting for the main part of it. Sapoval emphasized that housing is both an economic and a social issue, stating, 'More than 50 percent of global wealth is real estate, and 60-70 percent of this consists of housing.'

The French representative highlighted that the main priority today is preserving the existing housing stock and adapting it to climate change. He explained that climate change will force many people either to relocate or to adapt their homes to new conditions. Moreover, Sapoval pointed out that Europe's aging population and demographic changes are significantly affecting housing policy.

He further stated that expanding the social housing stock is crucial, particularly for workers and students, to ensure easier access to employment and educational opportunities. 'One of the main issues is not to worsen existing problems while building new housing,' he noted.

In conclusion, Sapoval emphasized the importance of innovation in the housing sector, calling for new approaches to build sustainable and inclusive cities.