Three Years to Absorb Flood of Spanish Homes

April 28th, 2009

It could take as long as three years to absorb the estimated glut of one million new homes in Spain, according to a Spanish official from the country’s property register.

The oversupply of newly built property in Spain is so severe that even if no more new homes were constructed, it would still take two years to clear the current flood of residential units. However, Spain is on course to start around 200,000 new homes this year.

The same official also claimed that a fall in Spanish birth rates was partly to blame for the recent drop in Spanish property sales, despite the huge immigration of recent years.

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