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Spanish property oversupply to continue growing
Country: Spain
21 October 2009 The oversupply of properties in Spain is expected to continue growing, and could soon top 800,000 by the end of 2009, according to the G-14 group of the largest Spain property developers, reports Spanish Property Insight. The G14, not for the first time, has called on the government to stimulate the Spanish housing market. The volume of homes being constructed in Spain needs to come to a virtual halt, in order to allow demand to catch up with the existing glut of properties in Spain. The Spanish Property Insight says that the existing oversupply of Spanish homes is equivalent to at least three years of sales, compared to just nine months stock of new homes in the US. The latest G-14 report agrees that the oversupply in properties “is causing a sever contraction in housing starts.”
With fears that mass unemployment looms over the construction sector in Spain, the G-14 has called on the government, again, to help to stimulate the housing market. The report added: “In the absence of compensatory measures, the additional fall in the number of homes under construction will continue damaging the labour market in the coming months. “Measures aimed towards changing the tendency in sales and housing starts in the residential sector, whose contribution to the recovery of the Spanish economy will be critical.” Has the recovery begun in Spain? Marc Da-Silva, editor of HomesOverseas.co.uk, will be on a panel at OPP Live, chaired by renowned journalist Rupert Bates, debating this topic. The seminar will be held at 15.45, 22nd October, theatre 8. Click here to pre-register for free entry to the show, simply fill out the details (it's free and will save time on arrival at the show).
See Also: G14, Marc Da-Silva, Spain
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