3 Years to Clear 1 Million Spanish Property Glut

Spain’s developers finished 2008 with 1.05 million newly built homes in stock, according to a new study by José García-Montalvo, a professor at the Pompeu Fabra University. Based on last year’s average sales rate this inventory of unsold new homes will take more than 3 years to clear. Some regions are faring better than others. […]

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