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Spain Real Estate News

What's really happening in the real estate world in Spain? The EOS Team are going to be keeping you up to date with everything that's happening from a market perspective.

OHL sees Spanish property crisis lasting until 2011
17 July 2008 @ 18:06

The crisis in Spain's real estate sector will last until 2011 due to the large number of new homes already on the market, general manager for builder OHL Luis Garcia-Linares said on Wednesday.

There are between 500,000 and a million empty, new houses waiting to be sold on a market that has stagnated over the last year after more than a decade of robust growth, Linares said.

"The sector's problem is that we have a very significant stock level which needs to be absorbed," Linares said in a presentation.

Fears of a collapse of the country's property sector arose on Monday when property group Martinsa Fadesa filed for administration after it failed to meet conditions to refinance a huge debt pile.

Linares said OHL would not suffer directly from the real estate slowdown as its core business was focused on infrastructure rather than housing.

Source Reuters

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