I came across this chart at idealista.com, one of Spain’s leading property portals, and thought it worth sharing with you. It shows how dramatically Spain’s new housing inventory grew during the boom years.
According to this chart, the glut stopped growing (0% change) in 2010. We can only hope it turns substantially negative in 2011 and beyond, meaning the market is digesting the excess housing inventory. The Spanish economy is in desperate need of it.
Visados Obra Nueva = Planning Approvals
Certificaciones = Construction Completions
Transacciones Nueva = New Home Sales
Variación Anual Stock de Vivienda Obra Nueva = Annual Variation in New Housing Stock