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Unsold homes on the rise
The
glut of newly built Spanish
properties which are unsold has increased by 20 per cent in six months...
The Spanish daily newspaper El Pais has reported that the number of newly built Spanish properties languishing on
the market in search of a buyer rose by 20 per cent during the first six months
of this year.
The article is based on new research by the Ministry of Housing and the
University of Navarra, which found there were 503,000 new homes on the market
at the end of June, almost 22 per cent more than at the end of 2007. However,
given the lack of reliable data available from the Spanish property sector the true
figure of unsold new homes could be much higher.
According to the website Spanish
Property Insight, Beatriz Corredor, Spain's Minister of Housing, recently
forecast the number of new properties on the market without a buyer would rise
to 650,000 by the end of the year, though Tinsa,
one of Spain's leading appraisal companies says 920,000 is more likely.
During the height of the construction boom over 800,000 new homes a year were
started in Spain which is
more than in France, Germany and the UK combined. Developers are still
finishing new projects started at the height of the property boom, which means
the number of unsold new homes is still growing.
However, the demand for these new homes has collapsed and some of Spain's largest
developers are reporting sales are down by as much as 90 per cent.
Source: www.homesworldwide.co.uk
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