THE number of unsold new homes has now dropped to pre-housing crash figures, according to the Spanish Ministry of Development.
Across the country there were 476,938 new units unsold at the end of 2017. This was 3 per cent fewer than in 2016 and 26.6 per cent down on the levels seen in 2009.
You have to go back to the height of the property boom to see lower figures – in 2007 the unsold stock was 413,642.
The provinces with the largest stock on the total national stock are located on the Mediterranean coast, as well as Madrid and Toledo.
The accumulated stock decreased in all the Autonomous Communities, except the Canary Islands, Ceuta and Melilla. The communities of the Basque Country and the Balearic Islands stand out with falls of more than 10 per cent asdid the provinces of the Balearic Islands, Vizcaya and Guipuzco.
Three Autonomous Communities accounted for 49.98 per cent of the total national stock in 2017: Valencia, Catalonia and Andalusia. Ceuta and Melilla, Navarra, Cantabria and Extremadura are the Autonomous Communities and Cities with the lowest percentage of accumulated stock on the national total.
The above figures are based on total numbers, but if we look at the figures as a proportion of total stock the picture changes.
In Madrid, which is one of the provinces with the highest number of unsold new buildings, stock only accounts for 1.39 per cent of the total housing stock, a relatively low percentage.
On the other hand, Castellon, with 6.05 per cent of the total, Toledo, with 4.97 per cent, and Almeria, with 4.74 per cent, are the provinces with the biggest proportion of their housing stock accounted for by unsold new property.