Banks own 47pc of new homes for sale on the Costa del Sol

Banks own almost half the stock of new homes for sale on the Costa del Sol, according to a study by property consultants Aguirre Newman.

Of the 22,000 newly-built homes for sale on the Costa del Sol (Malaga province), 10,000 are being sold by banks. Effectively, that means banks control the supply side of the market, and determine asking prices more directly than ever.

The study also reveals that 98pc of homes for sale in the region are key in hand, compared to boom years when half the market was off-plan. The off-plan market has almost ceased to exist, with only 2 new developments started last year on the Coast.

The number of homes for sale on the Costa del Sol fell 4pc last year, and asking prices dropped 13pc, says the report.

Source: Idealista

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2 thoughts on “Banks own 47pc of new homes for sale on the Costa del Sol”

  1. William

    It just show how the Banks collude !

    Although it will only take one Bank to break ranks and off load its stock at reasonable prices, before the rest dump them on the market, which will cause prices to crash to levels we haven’t seen before.

    There are over 500,000 new homes in Spain that haven’t been occupied yet ! So that shows the seriousness of the situation.

    Hang back and wait to pick up a bargain !

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About Mark Stücklin

Mark Stücklin is a Barcelona-based property market analyst and consultant, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com.