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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New house price index expected in Spain

Spain is launching a new house price index on Oct. 1, the Spanish statistics institute said. The data will be an alternative to Housing Ministry figures which analysts have criticized for not reflecting the property market slump. Spanish house prices dropped by 0.3 percent between April and June, while home sales fell 31.5 percent in […]

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Another Spanish property victim?

Spanish property group Colonial, struggling under huge debts, announced losses of 2.38 billion euros for the first half of 2008 which it blamed on asset depreciation three days ago. Colonial said in an announcement late Sunday that it had reached an agreement in principle to reschedule its debt of nearly nine billion euros this month. […]

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