Spain Has Enough Excess Land for 4 Million New Homes, Acuna Says
18 April 2012 @ 00:18
Spain has enough land approved for development to build 4 million homes and an existing supply of residences that will take about 10 years to sell, according to R.R. de Acuna & Asociados.
There are currently 2 million unsold homes in Spain, the Madrid-based property adviser said in a report published today. In a typical year, there is demand for 200,000 to 250,000 properties, the company estimates.
“Land continues to be the biggest threat for Spanish lenders,” Fernando Rodriguez de Acuna Martinez, a partner at Acuna & Asociados, said by telephone yesterday. “An important part won’t be developed in the next decade, which means the price of that land today is just symbolic or zero.”
Read the full article at Bloomberg
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