At the end of 2013, the supply of residential homes stood at 25,441,306, a mere 58,891 more than the previous year, a slight 0.23 per cent increase, the Ministry estimates. That is the smallest increase since the Ministry starting publishing this data in 2001.
The glut of available homes, the result of massive over-building from 2001 to 2009, is regarded as a key element to any recovery in the property market. Consultancy RR Acuna de Asociados recently estimated there are more than 1.7 million houses for sale in Spain.
The latest data suggests that the supply may finally be stabilising, with few new homes under construction.
The short to mid-term future of the building industry lies in refurbishing the housing stock, not building new, Gonzalo Bernardos, a professor at Barcelona University, told El Mundo. With no new product, housing prices will likely rise in areas with limited supply.
“This situation generates insufficient supply in middle and upper class areas, which will lead to prices increasing around 10 per cent in 2015 and 2016,” he told the paper.
The stock of homes rose the most in Andalucia, up by 9,581, and Madrid, up by 9,405. In most other regions there was barely any change.
The biggest stock of homes is located in Andalusia (4,394,51), followed by Catalonia (3,888,233), the Valencian Region (3,161,095), and Madrid (2,932,915), according to the Ministry data. The biggest stock of second homes was in Andalusia (1,113,306) and the Valencian Region (1,104,812).