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The latest business, economic,property, stock market and financial news from Spain. Keep up to date with what is happening with the Spanish economy, stock market, the economic crisis, the euro zone debt sovereign debt crisis and the Spanish property market.

Are there really 2.25 million unsold homes now in Spain?
15 May 2013 @ 23:06

I've just been reading the latest article by Ambrose Evans-Pritchard of the Telegraph where he quotes a figure of 2.25 million as the number of unsold properties in Spain.  This is much higher than any other figures I've seen.  I think 1.6 million was the highest number I'd previously seen.  From the above mentioned article:

Madrid consultants RR de Acuna have a report coming out this month warning that the glut of unsold properties has risen to a fresh peak of 2.25m homes, including those in the hands of builders and banks, or in the eviction process.

"It will take 10 years to get rid of the stock. We're pretty sure that prices will bleed another 15pc," said Fernando Rodriguez de Acuna. "The market is broken, and the quoted prices in many areas are a fiction. You can't sell even if you offer a 50pc haircut. A lot of buildings will have to be knocked down and land is going to revert to farmland, or just to nothing."

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