Over supply of Property Crash properties running out
The vast amount of properties that were left standing still in development or unsold looks to be clearing up with the final stocks running out.
The majority of stock could run out in some of the main locations across Spain including Madrid, Barcelona, the Balearics, the Canary Islands and the Malaga region shortly. The consultancy firm RR de Acuna y Asociados believe the stocks may be gone in as little as 3 years.
Prior to the huge property boom of 2004, we had around 400,000 properties for sale across Spain as a whole. When 2010 came around and we started to look back at the monstrous property crash the amount of properties available was 1,700,000.
As previously reported by Absolute Marbella, Spain’s property market has grabbed the bull by the horns and recorded an astonishing come back with huge growth in house sales. Construction is underway across Spain and particularly the Costa del Sol including the Marbella and Estepona areas. Once again off plan property is selling like hot cakes as new legislation’s that are in place secure a buyer from the unfortunate downfalls that happened in the crash. Buyers interested in purchasing in Costa del Sol can now buy with the peace of mind that there money will be safe and still benefiting from the appeal of off plan property.
With 1.3 million houses only for sale across Spain you can see the big hole that has been made in the overall figures from 2010. The firm identifies this trend as a hugely positive sign for future buyers in Spain and is even estimating that the natural reduction in properties unsold be around 907k by 2019 with almost 350,000 being new builds.