Spain Business
A million empty new homes in Spain
By h.b. - Jul 10, 2008 - 7:05 AM
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A million new homes constructed in Spain are now expected to remain empty for at least a year. Latest data indicates the price of new housing fell by 2.5% during the month of June, and there have been new warnings from the Governor of the Bank of Spain, Miguel Ángel Fernández Ordóñez, who has said that the crisis will last for longer than first hoped.
Greater falls in house prices are now expected until there is a better balance between supply and demand, and TINSA president, Ildefonso Ortega, considers that might take place quickly if there is an improvement in finance conditions, and if more assisted or cheaper housing is made available.
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