IN Spain there are about 389,000 new empty homes, according to a new report by Tinsa real estate assessment company.
The study revealed that since 2008, when the property bubble burst, 1.56 million new builds have been completed but 24.9 per cent of them remain empty. Tinsa has forecast that they will take an average of two and a half years to sell, meaning they will not be filled until 2018.
Although at a slower rate than in the past, construction continued during the critical years, leading to excess remaining empty particularly across Madrid, Valencia, Murcia, Barcelona and Alicante.
Yet at the rate property is currently selling, the assessment company has reported that it will soon be time to start building again in earnest in Barcelona, Madrid, Malaga, Granada, Gerona, Oviedo, Santander, Vigo, Pontevedra, San Sebastian, Gijon and Aviles, as bearing in mind complexes take at least two years to build there is likely to be high demand by the time they are finished.