563,908 unsold new homes

Spain housing construction boomAccording to the latest estimates from the Ministry of Development, at the end of 2013, Spain had a total of 563,908 unsold new homes, which is 3.3% lower than a year earlier. Thus, during the past year the rate of absorption of the ‘stock’ has slowed, as in 2013 the decline was 6.9%.

In cumulative terms, the ‘stock’ of unsold new homes, which is equivalent to 2.2% of the total housing stock, has reduced by 13.2% from their peak level in 2009, when the figure reached 649,780 homes.

The Ministry’s data shows that the accumulated ‘stock’ decreased in all regions in 2013, except Ceuta and Melilla (+16.2%), Madrid (+1.8%) and Asturias (+1%).

The most significant decreases were registered in Extremadura (-92.4%), Cantabria (-35.8%) and Navarra (-22.5%). They were followed by: Murcia (-5.9%); Galicia (-5.7%); Andalucía (-5.6%); Aragón (-5.3%); the Canary Islands (-3.8%); Castilla-La Mancha (-2.8%); Catalonia (-2.7%); Castilla y León (-2.4%); the Balearic Islands (-2.4%); Valencia (-2.1%); the Basque Country (-0.6%) and La Rioja (-0.4%).

Three regions together accounted for 49.2% of the total national ‘stock’ of empty homes in 2013 – Valencia, Andalucía and Catalonia – while Navarra, Ceuta and Melilla, Cantabria and Extremadura are the regions and cities with the lowest percentage of accumulated ‘stock’ out of the national total.

El Economista reported that the Ministry’s statistics also show that the provinces with the highest percentage of ‘stock’ out of the total are situated on the Mediterranean coast, in addition to Madrid and Toledo. These are: Barcelona (8.25%), Alicante (8%), Madrid (7.7%), Valencia (4.9%), Castellón (4.9%), Murcia (4.6%), Toledo (4.1%) and Almeria (4%).

original article kyero.com