New figures from the Government (Fomento) show that sales in 2010 hardly made a dent in Spain’s worrisome glut of new homes.
There were 687,523 new homes on the market at the end of 2010, just 0.8pc less than the 688,044 a year earlier, as illustrated by the graph above.
But at least 2010 marked an inflection point, when the glut finally started to shrink for the first time in the last 5 years, as you can see from the next graph.
What both graphs make clear is that, at least since 2005, the construction frenzy was just feeding a growing glut of new homes, rather than quenching the market’s appetite for new homes.
And finally, a map showing which regions have the biggest problem with unsold new homes. Areas in light blue have gluts of more than 10pc of their housing stock, and all the biggest problems (Andalucia, The Valencian Community, and Catalonia) are on the Mediterranean Coast, where too many new holiday-homes have been built.