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There are 100,000 homes in Spain with no market unless they are offered at “demolition prices,” claims Bankinter, a Spanish bank. – Year of 2015
There was a time not so long ago when any property built in Spain could be sold at sky-high prices in just a matter of days, or so it seemed. Even tiny apartments in unattractive locations with poor designs and build quality – all of it was snapped up fast. But during 2015, seven years after the start of Spain’s housing and economic crisis, there are still around 100,000 homes languishing on the market that will never find a buyer unless sold at “demolition cost”, argues Bankinter in its half-yearly report on the Spanish property market.
The main problem with this stock of unwanted homes is location. These unsellable properties, which amount to almost 15 per cent of the official glut of 700,000 properties (using data from the Housing Department and the Sareb ‘Bad Bank’) are located in places in Spain with little appeal for investors and ready buyers, argue Bankinter.
Paradoxically, there is now a shortage of certain types of homes for sale where demand is strongest, in prime locations of Spain’s main cities and the coast. This demand will be catered to “over the next few quarters through refurbishment and new developments,” say Bankinter, meaning a steady improvement in the fortunes of Spain’s building industry.
That said, the Spanish home building industry is still in deep crisis and a long way from normal.
On Year 2016
SPAIN will top the International Monetary Fund’s property market table this year following mammoth increases in UK and Swedish investments.
Figures from the Organisation for Economic Development (OECD) reveal UK buyers accounted for 21% of sales last year, while Swedish sales increased by 220%, accounting for 6%.
The statistics show that it is still possible to acquire a bargain in Spain, with property undervalued by 26%.
In contrast, the UK and Swedish markets were overvalued by 7% and 114% respectively.
“The Spanish housing market has experienced an encouraging start to the year and with an increasing number of overseas buyers looking to Spain, I would expect this positive trend to continue during the coming months,” said Marc Pritchard, Sales and Marketing Director for Taylor Wimpey España.