THERE are twice as many unsold houses in the Malaga province than previously thought.
According to a new study by bank CatalunyaCaixa, as of mid-2010 there were 44,000 unsold houses in Malaga, the highest number in Andalucia.
Figures from the Ministry of Housing, which are based on older data, show only 22,500 such homes.
Moreover, although the housing stock appears to have reached its peak, supply and demand will take years, if not decades, to balance.
The net amount of Malaga’s unsold houses fell by only 400 homes from the first quarter of the year, says CatalunyaCaixa.
This means 4.65 per cent of all houses in the Malaga province are currently unsold, with majority concentrated along the Costa del Sol.
Only Almeria has higher ratio in Andalucia, with 6 per cent of its total stock left unwanted.
The housing glut in southern Spain, however, is dwarfed by the shocking situation in Valencia.
The three provinces comprising a region have 208,000 unwanted houses between themselves.
For the northern province of Castellon these houses represents an eye watering 21 per cent of its total housing stock.