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.