Holiday home sales in Spain are stagnating claims bank
Tuesday, December 13, 2011 @ 11:02 AM
Thousands of Spanish properties built expressly for the holiday home market are now stagnating in search of buyers.
A new report from Spanish bank Bankinter claims at least 30 percent of the 700,000-strong glut of new homes, half of which were built with overseas investors from Northern Europe in mind, will never sell at current prices.
Many of the ‘unsalable’ homes belong to the banks after loans to developers turned sour and Bankinter argues that half price reductions are the only way to shift the property excess.
Read more at fly-2let.co.uk