New housing completions in the first 9 months of the year are down compared to the same time last year, the first time housing completions have fallen year on year since the construction boom was kicking off in 2001.

Between August and September of this year 471,130 new homes were finished, compared to 475,005 in the first 9 months of 2007, all according to new figures from the Ministry of Development. If the downward trend continues, the year will close with fewer homes built than last year, when a record 641,419 new homes were completed in Spain.

Given the severity of Spain’s property crash, any reduction in the number of new homes coming up for sale is good news for a market already suffering from a monumental glut of newly built homes. But unfortunately, and despite the possibility of a small annualised reduction in the number of new housing completions, a mindboggling number of new homes- around 600,000 – will be finished in 2008.