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Thousands of new homes unsold in Spain Article Date : 07 July 2011 Figures published by the Spanish government have revealed that at the end of 2010 there were almost 700,000 unsold new homes in the country, AFP reported on Expatica.com.According to the news provider, the public work, housing and transport ministry announced that this represented a drop of 0.08 per cent over the previous 12 months.In fact, new home sales in Spain increased by 5.9 per cent during 2010, the first rise following three years of declining transactions.The Spanish government estimates that the country will not be able to clear the majority of its unsold housing stock until 2014, the agency revealed.Meanwhile, A Place in the Sun reported figures from Catalunya Caixa Bank last week, which stated that 85 per cent of the homes contributing to the oversupply are located in holiday destinations.As a result of the glut, real estate in Spain can be purchased for 70 per cent less than its peak market value in some cases.
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