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Residential construction in Spain falls
Country: Spain
15 April 2009 The number of residential construction completions in Spain has finally started to fall, due to an oversupply of homes on the market, according to data released by the Spanish Ministry of Development Research shows that the volume of construction completion fell 34% to 33,670 units in January, compared to the corresponding month last year, and 24% down month-on-month. Industry experts anticipate residential completions will continue to fall throughout the course of 2009, which should ease some of the pressure on Span’s oversupplied housing market. Despite the fact that demand for property in Spain had plummeted, data shows that there were 615,072 residential construction completions in 2008, just 4% down on the 641,419 units completed in 2007. Experts believe that the number of homes built in Spain could fall to under 200,000 annually, over the next couple of years.
See Also: Spain
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