Re: Re: Spanish housing glut in figures

#98385

Anonymous
Participant

Actually one thing that fotocasa does not show are properties that are not completed due to the construction being abandonded. Again for El Ejido and Almerimar there are a few complexes in this position. Again I have no idea of the real number but it’s easily over 1000 apartments, could be 10,000 or more. In the exclusive complex (on the beach literally!) where 1 bed apartments were advertised from 400,000 Euros 😆 the number of unfinished apartments must be close to 300 (you can see for yourself I took the pictures last year). This is one complex, there are several more in the area. And again remember fotocasa shows 360 apartments for sale in this area. Almost the same number of this SINGLE abandonded complex.

The era of easy credit has gone. Foreign European buyers are many years away from returning due to financial constraints. Spain is facing a huge huge problem in over-supply. There is no doubt about it.