(Source: Spain Economy Watch)

Yes, three million.

That was the conclusion reached in the 2009 annual report on the Spanish property market prepared by Madrid-based real estate analysts R. R. de Acuña & Asociados. The report is described by Sunday Times Spanish Property Doctor columnist Mark Stucklin as one of the most influential annual reports on the sector, so the conclusions are hardly to be sneezed at, indeed the assumptions made in the calculations appear on the surface to be entirely plausible.

According to the estimates of R. R. de Acuña & Asociados there are currently 1.67 millon flats and houses on the market and looking for a buyer in Spain. To this number need to be added the 327,350 properties under construction but still unfinished, together with the 1.098 million for which planning permission has been granted and which now have two years – by law – to be completed.

Read the full blogpost “Three Million Unsold Spanish Properties?” in Spain Economy Watch (September 21, 2009).

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