Glut of new build property in Spain
Spain has over 150,000 newly built holiday home’s on the coast looking for an owner according to a recent article in the Spanish financial daily “ Expansion “.
The Alicante, Valencia , Murcia, and Malaga region’s have gone from being the stars of the holiday home boom to leaders of Spain’s growing glut of unsold new homes. According to the latest figures there are 46,366 unsold new homes in Alicante province (Costa Blanca), 30,027 in Valencia, 27,279 in Murcia ( Costa Calida ), and 21,902 in Malaga province (Costa del Sol), a total of more than 150,000 unsold new Spanish homes, though the true figure could be much higher, claims the article.
Spain’s property market is going through one of the worst periods ever thanks largely to a collapse in both domestic and foreign demand, argues the article. Rising unemployment has drastically reduced domestic demand, whilst Spain’s battered reputation as a place to invest in property has driven away foreign demand.
“Our Achilles heel has been the inexorable rise in prices and the bad image attached to Spain as a residential property investment destination,” says one expert, quoted in the article.
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