5/05/2008

As a result of the real estate crisis in Spain, nearly one third of the 1.8 million lodgings build since 2005 cannot be sold, Spanish daily El País said.

The number of property deals has decreased by 60 per cent since September 2007; the decrease in sales of newly built lodgings began as early as in 2005.

Until recently, construction was the moving power of the Spanish economy and a number of other sectors depended on it. The crisis would result in totally unpredictable consequences for Spain, Guillermo Chicote, president of the Association of Spanish Constructors and Promoters (APCE) told El País.

According to the newspaper, most of the newly built lodgings that cannot be sold were in the provinces of Castilla de la Mancha, Valencia and Murcia. Only in the Canary Islands was demand equal to supply.


Source: Propertywisebulgaria.com