Number of unsold new-build homes in Spain falls to 21.3%
Currencies Direct January 24th 2017 - < 1 minute read
The unsold stock of new-build properties in Spain has fallen to 21.3% at the end of 2016, according to a report by property valuation firm Tinsa.
By the end of last year, 340,000 new-build homes remained unsold. This was a fall of 3.6% from the end of 2015, when 389,000 properties had not been absorbed into the market.
According to the report, although all the regions in Spain have reduced their oversupply levels in the last 12 months, the rate of absorption has varied by location.
Among the areas that have most successfully reduced their level of unoccupied new-build stock were the Granada coast and the city of Bilbao, which have both cut their unemployment rates over the last year, causing the proportion of unsold homes to fall below 10%.
The metropolitan area of Madrid saw a fall of unsold new-build properties from 25% to 16%, while in the city of Seville, the figure dropped from 28% To 19.3%.