54,000 empty new properties in Málaga province

54,000 empty new properties in Málaga province
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By h.b. - Oct 23, 2008 - 8:33 AM

Archive Photo - EFE

The number comes from the Ministry for Housing, and has been doubted by real estate promoters.

The latest study from the Ministry for Housing shows that there are 54,000 newly built homes in Málaga province which remain unsold on the market.
Local promoters however doubt the number, which they say is closer to 25,000.

The regional government, the Junta de Andalucía, has plans which will convert some of the empty homes into VPO assisted housing, but this is proving to be practically impossible in practice. The promoters say that the requirements for eligibility for the VPO plan need to be relaxed.

It comes as forecasts for the local economy as a whole will see growth next year of 0.6%, compared with just under 2% for this, and will not create any new employment. Economic analysts from the Unicaja Group, said that there will be a fall in production in the province next year, and the economy will see no real recovery in 2010 either.

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